Saturday 27 December 2014

We're top hedge spot

Published 12/11/2013 | 01:00

Ireland has now reached an all-time high of €2.5tn in assets under administration, copper-fastening its position as the number one hedge fund servicing centre in the world with 43pc of the globe's assets and also the fastest growing UCITS domicile, European Affairs Minister Paschal Donohoe said in Edinburgh yesterday.

Figures from the Central Bank of Ireland show that in the year to date the net asset value in UCITS increased by 4pc and non-UCITS by 10pc.

EIRTECH GETS PAINT JOB

Shannon-based aviation firm Eirtech has won a seven-year contract to paint Qatar Airway's aircraft fleet. It will repaint all 74 aircraft, including 49 Boeing 777s as well as A330s and A320s. This year, Eirtech has also won contracts with airlines including US-based low-cost carrier Southwest to provide an engineering solution to the airline, and Azerbaijan Airlines, to repaint its fleet of 18 aircraft.

EZETOP WINS AWARD

Ezetop, a company that enables people living or working abroad to instantly top up mobile phones of friends and family back home, achieved the top spot in this year's Deloitte Technology Fast 50 awards for the second year running.

This is the first time a company has achieved the top spot for two years running in its 14-year history. The company achieved a growth rate of 3,630pc over the last five years.

FLYBE TO CUT JOBS

UK regional airline Flybe – which just last week announced a new service between Knock and Birmingham – is to cull another 500 staff as its new chief executive tries to fix the carrier.

Mr Saad Hammad said that when he joined in August it was clear the airline had to go beyond its existing restructuring plans.

As Flybe released half-year results yesterday, Mr Hammad said "unfortunately there is a proposal for further redundancies".

ESB LOOKS TO AFRICA

ESB International (ESBI) is establishing a presence in South Africa with the opening of a new office in Johannesburg. Junior minister Joe Costello, who is in the region as part of a trade mission, attended the opening ceremony yesterday.

ESBI has been operating in the region since the late 1990s. Ollie Brogan, managing director of ESB International, said: "We are very excited to be strengthening our presence in South Africa."

Irish Independent

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