Foster announces major investment by financial services company
Enterprise Minister Arlene Foster today announced that Augentius Fund Administration is to establish a centre in Belfast, which will employ up to 164 professional staff by the end of 2014.
Augentius provides outsourced fund administration services to the private equity and real estate sectors. Formed 10 years ago with offices in London and Guernsey, Augentius has subsequently expanded internationally opening offices in New York, Luxembourg, Mauritius, Singapore and more recently The Netherlands.
Augentius is now investing in an Operational Centre of Excellence (OCE) in Belfast and has been offered support from Invest Northern Ireland. Seventeen new jobs have been created by Augentius in the new Belfast office in recent months and this is expected to grow to 30 by the end of the year, supporting clients in both onshore and offshore locations.
Arlene Foster said: “This investment, the first ever from a London based fund administration company, is a significant milestone in the development of the financial services sector in Northern Ireland.
“Augentius considered several other locations for the centre, including Canada, China, India, Dublin, and other UK cities.
“Its decision to locate here reflects a desire by the company to maintain core service centres within the UK and the very strong reputation that Northern Ireland has built up as a cost-effective working environment with access to a skilled and educated workforce.
“Invest Northern Ireland’s support has also been instrumental in securing this investment, which is the latest in a series of investment successes that the agency has won this year.”
David Bailey, Managing Partner and one of the Founders of Augentius, said: “Augentius has a strong reputation for the development of its staff. We take junior and part qualified accountants, train them in our sector and support them to obtain their professional qualifications. We have people who joined us as trainees and are now fully qualified accountants responsible for their own teams and clients and I am very proud of this achievement.
“As a consequence, the availability of high quality people along with a strong educational sector was one of the important factors to us when considering the locations for our investment and we are looking forward to working with Queen’s University and the University of Ulster going forward.
“As a business, we have continued to grow throughout the recession and needed to create a second operational centre to increase our capacity.
“There are clear strategic benefits for us in establishing an operation in Northern Ireland. We anticipate that it will help us increase our competitiveness and we are confident that we can recruit high calibre staff, who will help us to continue to provide the high quality service that our clients expect from us and on which we have built our business.”