On moving further up the value chain..

The First and Deputy First Ministers held their first joint commercial press conference today.. to welcome the Bank of Ireland’s announcement of proposals for 149 jobs in the establishment of “a specialist funds administration business in Belfast” – namely the controversial, or at least the controversial bonuses earned, according to former Secretary of State Peter Hain, by managers of, hedge funds

The new venture will service the rapidly growing offshore alternative investment funds market – specifically, the hedge fund segment which is growing at 20% per annum.

The project has been offered support from Invest Northern Ireland to the tune of £2million. According to the official statement

Making the announcement, Rt Hon Dr Paisley MP, MLA said: “Northern Ireland’s financial services sector is growing rapidly and is now one of the most attractive locations for global firms seeking the best skills and infrastructure to service European customers. Invest NI has worked closely with Bank of Ireland Securities Services (BoISS) to secure this project, which is the first of its kind in Northern Ireland.”

Martin McGuinness MP, MLA added: “This new centre of excellence will provide very high quality career opportunities whilst at the same time helping the financial services sector here to move further up the value chain and boost the local economy.”

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