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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  • DC

    Co-equals – who would have ever thought it?

    Here’s me thinking back to 26th November 2001, remembering Paisley as the Big Man he was:

    ..”The past thirty years have taken their toll on the Ulster people. Who would have believed that at the start of the twenty first century the Provisional IRA, armed by the Dublin government in the early ’70’s, would be sitting in the heart of the Government of Northern Ireland.”

    “Who would have believed that the Dublin Government would roll across the Border in a fleet of Mercedes cars into Northern Ireland dictating policy to the people of Ulster…”

    Yea who would have believed it – now the old man is complicit in it himself. A week is a long time in politics but 5 1/2 years has allowed for an utter transformation of the DUP into something we have never seen before, more akin to the diplomatic service than to DUP democracy.

    Hows about that then. I quite like it.

  • slug

    Good to see these high quality jobs.

  • George

    DC,
    times really have changed. So as not to spook the natives, the Irish delegation went over in a bus last week to Armagh and left the fleet of Mercedes at home.

  • Frank Sinistra

    So SF are now supporting ‘Hedge Funds’?

    Some jobs – Ryanair and these – don’t fit with a Socialist ideology.

    I take it all pretense has been abandoned? Centre-right was the decision?

  • DC

    As to Sinn Fein and banking the irony is not lost either when you think back to an unresolved Northern Bank incident.

    Added value on that was fairly good.

  • DK

    Frank,

    Are you saying that Sinn Fein should oppose financial service jobs as they do not fit in with “socialist ideology”. Since when was it socialist ideolofy to oppose hedge funds which are essentially investments by investment companies. I thought it might possibly be socialist ideology to encourage employment.

    Or are you from the “everyone should be poor” school of socialism?

    Socialism aside, Sinn Fein probably support it because the Bank of Ireland is one of only two all Ireland banks not owned by a foreigner (the other being the much bigger AIB/First Trust group)

  • willowfield

    DK, clearly you don’t understand what socialism is.

  • Aquifer

    Great news. The world is awash with petro-dollars so plenty of raw material for this enterprise. And the competitors in Wall Street and London’s City aren’t any smarter than our people. Come to think of it, many of ‘our’ people work over there already, when they could be working here.

    The only people who need fear this are chronic revolutionaries, racists, sectarian begrudgers, and the pettier bureaucrats.

  • Now think on what that’ll do for house prices up the Malone Road.

  • Skintown Lad

    great news

  • mnob

    Malcom – they will stop the prices from crashing too hard.

    Just check out Dublin’s property prices or Templeton Robinson’s website where they list the bids on properties for evidence of impending doom !

    If you’ve been following the sub prime lenders stories in the states as well then you’ll be selling your house pretty soon 🙂

  • Yokel

    You can buy into hedges? They must be the coming thing.

    Should I be growing some and taking my money out of my gold reserves?

    I got a couple of soveriegn rings and a 18 carat chunky necklace I bought out of Kavanaghs ages ago. Should raise a few quid between them to buy a couple of saplings.

  • Yokel @ 10:29 AM:

    “Hedge funds” must be affiliated to “turf accountants”, then?

  • DK

    “DK, clearly you don’t understand what socialism is.”

    No I don’t. But no-one else seems to either. Aren’t Labour supposed to be socialist – yet they allow hedge funds. And the People’s Republic of China have recently taken a stake in a hedge fund company. I think that the only non-users of hedge funds are North Korea, Cuba, and the dictatorship-in-making that is Venezuala. Are they socialist?

  • Lafcadio

    Just to be clear, these are back-office glorified admin-type roles – their customers will be hedge funds. So they’ll be well-paid jobs, but not the megabucks earned by the actual managers

  • Yokel

    Malcolm

    They are into everything those boys I can tell ya.

  • sportsman

    DUP welcoming a fenian bank to Belfast. M.Mc welcoming a hedge fund op to Belfast. Worlds going mad. BTW. Why is this project not being set up in the ROI ? There are loads of hedge fund ops down there employing thousands. Second biggest centre in Europe for these things after London apparently. So why should a home grown one go north? Political arm twisting from Bertie? Mega-grants? To diverge a moment. Read today that the ROI economy is now the thirtieth largest in the world in absolute terms and the fourth wealthiest per head. Not bad for a population of 4.3 million. I suppose a UI which today would have a population of 6 million would soon be nudging for a place in the top 20. God , how times have changed.

  • sportsman @ 05:34 AM:

    Read today that the ROI economy is now the thirtieth largest in the world in absolute terms and the fourth wealthiest per head. Not bad for a population of 4.3 million.

    To be compared with:

    In comparative terms Ireland was not poor at the end of the Second World War; United Nations estimates at the end of the 1940s suggest that Ireland ranked eighth in the world in terms of per capita income, confirming other evidence from the 1930s. What is striking is that Ireland ranked alongside Belgium, the Netherlands and Denmark, and ahead of France, Austria and Finland. [Brian Girvin: The Emergency, Neutral Ireland 1939-1945, page 326.]

    Perhaps there are three questions here:

    1. What prompted the “Celtic Tiger” to stretch its sinews since the 1990s? Answer on not more than one side of a postage stamp.

    2. What made the country withdraw into itself, reinforcing the economic and social self-sufficiency that were the most marked features of the wartime period [same source]? In answering this question, candidates should address
    (a) the “small agrarian state” mentality, which led to 500.000 Irish emigrating between 1946 and 1961, with a second surge in the 1980s;
    (b) the position of women which caused that emigration to be disproportionately female; and
    (c) the period through the 1950s when Ireland had the lowest representation of women in the labour force, and the lowest marriage rate in Europe.

    3. Now that we have achieved the desirable situation noted in the leading quotation, how we can ensure that insularity, introversion and dumb-headedness do not again bring about the situation in the second quotation?

  • sportsman

    MR; 1. Umpteen different things too numerous to go into here, all happening at about the same time. Celtic Tiger phenomenon actually began around 1987 BTW and hasnt ended yet. 2. Develaras insane economic and world view. His utopian vision of an Ireland in grand , self sufficient isolation with comely maidens dancing at the crossroads held the nation back for decades. 3.(a) Experience of the wealthy lifestyle. Once the infrastructure catches up with GDP per capita then Ireland will be some country to live and work in. Who would want to go backwards ? 3(b) Devalera is dead.

  • sportsman @ 09:49 AM:

    Definitely alpha minus (for the full alpha reference might have been made to the work of T.K.Whitaker and Seán Lemass). The examiners particularly commend your answer 2 for its chutzpah and brevity. Well done!