Fifty New jobs For Sligo From Equinoxe AIS

Tánaiste and Minister for Enterprise, Trade and Employment Mary Coughlan T.D., announced on Monday that Equinoxe AIS, a provider of administration services to the hedge fund industry, is to expand its Irish operation with the establishment of a new asset servicing operation in Sligo, which will employ over 50 people over three years, with the potential for further growth as the operation develops.

Supported by Government through IDA Ireland, it will initially locate at The Innovation Centre at the Institute of Technology Sligo (IT Sligo). Equinoxe's existing Irish operation - Equinoxe AIS Ireland - located in Malahide, Co. Dublin, is the company's European Headquarters servicing the EMEA markets.

Equinoxe selected Sligo for the growth of its EMEA asset servicing business in order to continue to provide premium service to clients in their own time zone, leveraging the strong talent pool in the financial services sector in Ireland.

The Sligo operation is being established as the primary back office servicing arm of Equinoxe EMEA covering all activities, offering growth in addition to Malahide which will be a full service office, but also focus on the sales and marketing activities.

Welcoming the investment the Tánaiste said "This is excellent news for Sligo and is a major further endorsement of the North-West Region as a location for International Financial Services operations, which is already 'home' to a number of significant players in the IFS industry.

Sligo was selected as it meets Equinoxe's needs in terms of access to suitably qualified staff; easy access to the Dublin office, will allow the company to reduce its overall cost base, and has the academic institution, IT Sligo, which is working with Equinoxe to assist with its growth in the region."

Equinoxe provides comprehensive services to the global hedge fund community, with its current business comprising of primarily hedge funds domiciled in Bermuda, Cayman Islands, BVI and Ireland.

It offers fund structuring, set up, assistance in independent hedge fund creation, hedge fund administration, portfolio accounting and valuation, shareholder servicing, accounting, audit and tax services and directorial and secretarial services.

Tailoring its solution to meet client needs, Equinoxe has grown quickly into a recognised and respected firm in its selected arena.

Stephen Castree, Chief Executive Officer, said "Our experience of the start-up and development of our Dublin office, and its success to-date, was a major influence on our decision to locate this further investment in Ireland."