US financial firm to create 250 Waterford jobs

US financial services firm Bisys is to establish a new hedge funds operation in Waterford with the creation of 250 jobs over the next five years.

The office is being set up with the support of IDA Ireland and will provide services to the hedge funds industry internationally, concentrating on the provision of fund accounting services.

Minister for Enterprise, Trade & Employment Micheál Martin said: "A cluster of companies in the international financial services area is beginning to take shape in the South East, and BISYS is a very welcome addition to this group".

He said the region including Wexford, Kilkenny and Waterford was emerging as one of the preferred locations for the financial services industry outside of Dublin.

The new Waterford office will report to the Bisys Dublin office, which handles fund accounting, shareholder services, corporate administration, and business development services to client companies worldwide.

All positions within BISYS have a high skill requirement with the majority of staff educated to third level standard.