US group to expand Irish operations

AN American-owned financial services group which already employs over 400 in Dublin is to bring 250 jobs to Waterford over the next two to five years.

The jobs at BISYS are a welcome boost to the city and county, given the imminent closure of Waterford Crystal’s Dungarvan plant and the loss of 480 jobs in the group.

The bulk of jobs at the IDA technology park at Butlerstown on the edge of the city will be for graduates who will administer hedge funds.

BISYS hopes it will be able to attract personnel from those looking to leave Dublin, where the bulk of the country’s financial services industry is based.

Minister for Enterprise, Trade and Employment Micheál Martin said the new Waterford office will provide services to the hedge funds industry internationally, concentrating on the provision of fund accounting services. “A cluster of companies in the international financial services area is beginning to take shape in the south-east and BISYS is a very welcome addition to this group”, said Mr Martin.

“With financial services companies in Wexford, Kilkenny and Waterford the south-east region is quickly emerging as one of the preferred locations for the financial services industry outside of Dublin.

“Hedge fund administration is one of the fastest growing areas of financial services internationally. Attracting a company of the calibre of BISYS, a leading global hedge fund administrator, will strengthen Waterford and the south-east’s position as a location of choice in the industry.”

Brian Conroy, the Southern Area Director for IDA Ireland, said it’s a major coup. “The arrival of BISYS to the Waterford Business and Technology Park proves the south-east is continuing to be an attractive location for quality investment and follows on the heels of other recent announcements in the region with PFPC and Waters Technology in Wexford and Guidant in Clonmel.”

The news has also been welcomed by Waterford Institute of Technology director, Prof Kieran R Byrne.

“With a global workforce of 5,200 and annual revenues of over e1 billion in 2004, BISYS provide more than 1,000 clients throughout the global financial services industry with investment, insurance and banking solutions,” he said. “The company currently employs 400 people in Dublin and it is a signally important victory for Waterford to have secured this next phase of their development and growth in Ireland.

“We have heard much talk in recent years of the importance to the south-east region of moving up the value chain when it comes to inward investment and IDA Ireland is to be congratulated for capturing this significant graduate employer for the region.”