IRELAND – Fortis Fund Services (Ireland) Ltd (FFSI) has opened a new branch office in Galway City, which is expected to employ over 50 people.

The move means FFSI now employs 150 in total, which is way above the original estimate of 23 within four years when it started operating in 1995.

The new office, like its parent in Dublin, will be responsible for fund administration services, and its opening reflects the growth in the fund administration business in Ireland, which now accounts for over 2,900 funds worth some €350bn. Further growth is anticipated, particularly in the European alternative and hedge fund markets.

Says Brenda Buckley, managing director of FFSI: “Ireland is now recognised as a significant hedge fund administration centre and is increasingly the location of choice, particularly for European hedge fund managers.”