Financial services firm DMS Offshore Investment Services is to create 50 jobs at its European operations centre in Dublin.

The new roles will be in fund governance and risk management, and are being created in response to an increase in demand for its services ahead of the implementation of a new EU directive related to investment fund managers.

The Alternative Investment Fund Managers Directive (AIFMD), which comes into effect in July, is designed to bring enhanced governance and monitoring of EU-domiciled alternative investment funds and non-EU AIFs being marketed to European investors.

The global company opened its Irish office in 2011 and the following year decided to provide a management company service to promoters who needed to comply with the directive.

"With the requirement for EU domiciled funds to comply with AIFMD, we have seen significant growth in the demand for our services. We are ramping up our team in Ireland to meet this demand," said Derek Delaney, managing director of DMS (Europe). "Ireland has a strong and globally recognised international financial services industry which will provide DMS with highly skilled and educated professionals as we expand our European operations centre here."

The company employs more than 200 people in its offices throughout Dublin, the Cayman Islands, New York, São Paulo, London, Luxembourg and Hong Kong.

Announcing the jobs this morning, Minister for Jobs, Enterprise and Innovation Richard Bruton said it was a boost for the sector.

“International financial services is a key sector which we have targeted for jobs growth as part of our Action Plan for Jobs, and in recent years we have seen significant expansion in this area,” he said.

The expansion is supported by the Department of Jobs, Enterprise and Innovation through IDA Ireland.