Foster announces investment by US financial services company

Mar 27, 2012

Picture by Press Eye

Enterprise Minister Arlene Foster is pictured with Jeff Solomon, Chief Executive Officer of Cowen & Company (right) and Alastair Hamilton, Chief Executive, Invest NI.

Enterprise Minister Arlene Foster today announced that Cowen International Ltd is to set up a technology research and development centre in Belfast, potentially creating up to 50 high value jobs.

Cowen International is a subsidiary of U.S based financial services firm Cowen Group, headquartered in New York. The Belfast centre will provide a range of technology and global support services to Cowen operations and will be responsible for developing innovative new technologies.

Invest Northern Ireland has offered up to £500,000 of support for the investment. The Department for Employment and Learning has also offered £175,800 of support under its Assured Skills Programme.

Announcing the investment Arlene Foster said: “This is the latest in a series of inward investment successes for Invest NI, which has identified the financial services and ICT sectors as important drivers for economic growth.

“Subject to satisfactory growth and development, the project could create up to 50 jobs which will pay salaries more than double the private sector average and will contribute more than £2 million a year to the economy. This is the kind of high value project that Invest NI is targeting and is another valuable win for Northern Ireland.”

Employment and Learning Minister Dr Stephen Farry said: “The strong skills base is one of the reasons that global companies are attracted to Northern Ireland and investment in skills is essential if employers are to maximise the talents of their people. Through the Assured Skills Programme we can offer investors the necessary support which will help to build the skills base and ensure that they view Northern Ireland as the best location from which to grow their business.

“Assured Skills demonstrate through action that Northern Ireland is open for business and ready and able to help.”

Peter Cohen, Chairman of Cowen Group, said: “We are pleased to bring new jobs here to Northern Ireland as we grow our operations. We considered several international investment locations for the new centre and were drawn to the excellent, educated workforce available here and the support offered by Invest NI.”

Jeff Solomon, Chief Executive Officer of Cowen & Company said: “Our Belfast operations will provide innovative technology to our business that is essential for growth. We look forward to creating new opportunities here into the future.”

The funding provided through the Assured Skills Programme will support pre-employment training programmes and collaboration with local universities and colleges on developing new courses relevant to the capital markets sector.

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