A GLOBAL hedge fund revealed plans yesterday to employ 150 people in administration services over the next five years.
Citco Fund Services confirmed it is to create 150 new jobs in Blackrock, Cork, as it expands its Irish hedge fund offices.
The jobs -- which will be created over a five-year period -- will be largely filled by graduates with business or accounting degrees.
Citco Fund Services is the Irish arm of the world's leading global service provider for the giant international hedge fund industry.
The firm -- which arrived in Dublin in 1998 -- already employs more than 1,000 people in Ireland at four different locations.
Citco Group is based in the Cayman Islands and globally employs more than 4,000 and deals with hedge funds totalling $650bn.
Enterprise Minister Micheal Martin hailed the job investment as a major boost for Ireland's crucial financial services industry.
"Citco is a renowned global provider to the fund administration sector. It has a high level of commitment to its Irish operation, which accounts for over 25pc of its global workforce, and 22pc of its total group assets under administration is serviced from Ireland," Mr Martin said.
"The success of the Irish operation was one of the main factors in Cork winning this investment and I congratulate the management and workforce for their efforts which have achieved this," he added.
Last night, Cork Chamber of Commerce chief executive, Conor Healy said Citco's expansion was "great news for Cork and the entire region".
Citco's Cork operation is largely focussed on servicing the strategic UK hedge fund sector -- and the new expansion will more than double the Blackrock workforce.
Mr Martin said Ireland is a globally recognised centre-of-excellence in hedge fund administration -- and more than 40 companies operate in Ireland, servicing approximately 37pc of the total global industry. More than 9,000 people are employed in the sector in Ireland.
Citco managing director Declan Quilligan said it was a proud day for the Irish operation and reflected the success of the firm in winning new business in core markets.