Foster and Kennedy Announce Investment by Financial Services Company

Enterprise Minister Arlene Foster and Employment Minister Danny Kennedy today announced that Heritage Administration Services Limited is to establish a fund services operation in Belfast, which could create up to 46 high quality jobs.

The investment is being supported by Invest Northern Ireland, which has offered £690,000. The Department for Employment and Learning has offered a further £102,000 through its Assured Skills Programme.

Heritage Administration Services Limited is a sister company of Heritage International Fund Managers Limited, and a subsidiary of the Guernsey-based Heritage Group, which provides full fund administration services to the private equity, property, infrastructure, emerging market sectors and esoteric investment funds targeting asset classes such as forestry and litigation cases.

The project will generate quality employment opportunities and the company plans to forge strong links with local universities to help generate opportunities for graduates with the requisite skills. As part of their plans, Heritage will also be developing their Belfast office to service UK based funds particularly in private equity and property including Real Estate Investment Trusts (REITS).

Arlene Foster said: “Heritage International Fund Managers Limited is highly experienced in its sector and well regarded in its market. It considered several national and international locations for this new centre of accounting excellence, including Luxembourg, Ireland and Wales which has resulted in the formation of a sister company, Heritage Administration Services Limited.

“Its decision to locate here was strongly influenced by the availability of well qualified and skilled accountants and other professional staff and the competitive cost environment, as well as the support offered by Invest Northern Ireland.

“The financial services sector, with its potential to create high value jobs with competitive salaries, is a key target sector for Invest NI. This investment is the latest in a series of high quality investments secured by the agency in recent months and marks the continuing growth of this important sector here.”

Danny Kennedy 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 now 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.”

Mark Huntley, Managing Director of Heritage Administration Services Limited and Heritage International Fund Managers Limited said: “Our strategy for growth depends on recruiting well educated, high calibre staff at all levels and ensuring that we develop our people to service the dynamic but challenging investment sectors in which we operate.

“Belfast can deliver on both of these requirements and the added support from Invest NI and the Department for Employment and Learning makes it a very attractive investment proposition for us. As a Group, we are committed to training and professional development to achieve the high level of service delivery that is at the cornerstone of what we deliver at Heritage. We view this exciting initiative as the beginning of a mutually beneficial partnership which will further strengthen the links with the Heritage Group.”