23/01/2007

Daiwa Securities Opens Second Facility In Ireland At Dundalk

Irish Minister for Enterprise, Trade and Employment Micheál Martin, performed the official opening, together with Mr Shuji Nishiyama, CEO of Daiwa Securities Global Asset Services, of the new Hedge Fund Administration operation for Daiwa Securities Group Inc. in Dundalk, Co Louth, which is supported by IDA Ireland.

Daiwa is Japan’s second largest securities firm and this is its second facility in Ireland – its first being located in Dublin. The Dundalk operation is located at IDA’s Finnabair Business Park and will create 300 high-calibre financial services jobs over five years. Already 20 people have been recruited and the operation is already underway in the new premises. Daiwa is to commence further recruitment immediately.

Daiwa’s existing Irish facility in Dublin – Daiwa Securities Global Asset Services (Daiwa Europe Fund Managers Ireland Ltd. & Daiwa Europe Trustee Ireland Ltd.) – provides fund administration, trustee and global custody services, valued today at $50 billion, to international clients. It is the only fund administration company in the Daiwa Group and its role within the Group will benefit greatly from this expansion.

Since the establishment of the Dublin facility, over 16 years ago, it has enjoyed continuous growth and currently employs over 200 people. It was the first Irish fund company to offer fund administration services to the global Hedge Fund industry out of Ireland, and today the company continues to offer services to three of the longest established hedge fund managers in London.

Minister Martin said: “Daiwa was one of the first Japanese financial institutions to establish a facility at Dublin’s International Financial Services Centre in 1990 and the first to service the hedge fund industry from Dublin. Currently Daiwa is enjoying significant growth in the Asset Servicing business, with its Dublin serviced assets growing from $23 billion in 2004 to $50 billion today. Daiwa’s growth in business and employment is an endorsement of this Government’s policy and IDA Ireland’s strategy for international financial services in Ireland, which has identified international fund administration as an important sector for this country. Daiwa will be a major addition to the growing number of international financial services companies in Dundalk.”

(CD)

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