Butterfield Fulcrum to create 40 new jobs in Dublin

Approximately one third of all hedge funds globally are serviced in Ireland. The country’s strong regulatory environment has helped it become the domicile of choice for many new fund launches.  This surging demand for administrative services is a perfect fit for our global operating model, which has been built to handle very high volumes efficiently with transparency and flexibility.

Akshaya Bhargava, Butterfield Fulcrum's CEO

Tánaiste and Minister for Enterprise, Trade and Employment Mary Coughlan TD today (Tuesday 29th September 2009) announced that Butterfield Fulcrum, a top five independent alternative fund administration company by assets under administration, is to create 40 new jobs over three years at its Dublin office on Lower Leeson Street. A number of key positions have already been recruited. The Government through IDA Ireland worked closely with the company to attract this investment to Ireland.

The Dublin office will provide administration services to collective investment schemes either domiciled in Ireland or Offshore, including valuation services, fund accounting services, transfer agency and share registry. 

Making the announcement the Tánaiste said “These developments at Butterfield Fulcrum are continuing evidence that Ireland’s global reputation as a leading location worldwide for international financial services continues to attract high calibre companies who are developing their international business. Ireland's unique competitive advantages, which include a flexible and highly qualified workforce, a knowledge-based economy and pro-business government policy, maintain this country’s attractiveness for foreign direct investment from all sectors, including international financial services.”

“Ireland having a central position in Europe has helped us to attract such high calibre investments from leading global companies in recent years. Approval for the Lisbon Treaty will further enhance Ireland’s position as a leading location in Europe for foreign direct investment from all industry and business sectors,” added the Tánaiste.

Akshaya Bhargava, Butterfield Fulcrum's CEO, said “Approximately one third of all hedge funds globally are serviced in Ireland. The country’s strong regulatory environment has helped it become the domicile of choice for many new fund launches.  This surging demand for administrative services is a perfect fit for our global operating model, which has been built to handle very high volumes efficiently with transparency and flexibility.”

The announcement follows the Dublin operation - Butterfield Fulcrum Group (Ireland) Limited – being licensed to provide Fund Administration services by the Irish Financial Services Regulatory Authority.  It is now authorised to provide the new services under Section 10 of the Investment Intermediaries Act to Irish authorised funds both UCITS (Undertakings for Collective Investments in Transferable Securities, within the meaning of the European Union Regulations) and Non-UCITS.

Ken McCarney, Head of the Dublin office, says “I am delighted that we have received our license and we now intend to grow the business significantly in Ireland. We believe that our operating model and industry leading technology will enable us to achieve that. Indeed we have already been approached by several entities asking us to provide administration services to Irish domiciled funds. As an indication of our plans for growth we have doubled our staff numbers this year and moved into larger offices at Lower Leeson Street. We are looking forward to being a leading player in the Irish funds industry.”

About Butterfield Fulcrum
Butterfield Fulcrum, a top five independent alternative fund administration company by assets under administration, has 20 years experience servicing the alternative investment industry.  It provides administration, middle office and risk reporting services to hedge funds, fund of funds, managed accounts, private equity and real estate funds.  The company has a unique Global Operations Model leveraging time zones and talent to deliver transparent and highly customized solutions in real time via BFonline, a client access Web portal.  Headquartered in Bermuda, the company services more than 700 funds and has 11 offices in nine countries (Bahamas, Bermuda, Canada, Cayman, Guernsey, India, Ireland, UK and the USA). 

For more information, please visit www.bfgl.com.

Media Contact:

Butterfield Fulcrum: Jim Gorman, Kwittken & Company
Phone:    +1 646-747-7166      Mobile:    +1 732-865-2815
Email:    jgorman@kwitco.com

Department of Enterprise, Trade and Employment –
Press Office, Tel: 01- 6312200    
Roisin McCann,   Mob: 087 2594144

IDA Ireland –
Brendan Kenny, Press & PR, Mob: 087 9036126