Financial services company PFPC International today announced the expansion of its Irish fund administration operation with the creation of up to 500 jobs.
The company - which administers over $65 billion in assets - said the development involves a new fund administration centre in Navan, Co Meath, and the expansion of the company's centre in Wexford.
PFPC said the investment will add almost 500 new jobs over the next five years, bringing the company's employment in Ireland to around 1,000 people.
Minister for Enterprise, Trade and Employment Micheál Martin described the expansion as "a significant endorsement of Ireland as a business location.
"But equally significant, it demonstrates once again that knowledge-dependent businesses can find suitable locations regionally throughout the country," Mr Martin said.
The Minister said spreading investment regionally is a key objective of both the Government and IDA Ireland.
"I would strongly urge other businesses, particularly in the financial services sector, to look at this decision to locate regionally and the reasons why it makes business sense when considering future investment," he said.
PFPC's new facility in Navan is to be in the IDA Ireland Business Park and will eventually employ a total of 290 people.
The company's existing Wexford operation at the IDA Ireland Business Park in Wexford Town will add a further 200 staff.
PFPC's Dublin operation is located at the Irish Life Centre in the city centre, but it plans a move to a new development at Grand Canal in the south of the city in 2006.
With over 4,600 employees, PFPC caters for an international client base from bases in Ireland, Luxembourg, the United States and the Cayman Islands.