Fi-Tek Establishes European Headquarters in Dublin

Dublin - 23 September 2010

Financial Services Software Company to expand HedgeTek product in European market

Minister for Enterprise, Trade and Innovation Batt O'Keeffe, TD, today announced that Fi-Tek LLC, a US based financial services solutions provider, is establishing its European Headquarters in Dublin. Fi-Tek is a SAS 70 Type II and ISO 9001:2008 certified company, with global operations now in Ireland, India, and the US.

Fi-Tek provides innovative software products and solutions for the alternative investments, trust, asset servicing and securities processing industries. The company's HedgeTek product, a fully integrated book and tax allocation platform for hedge funds, covers both US partnerships and unitised funds, is used by many of the leading hedge fund administrators, accounting firms and fund managers servicing over 3,500 funds with over $400 billion in assets.

Minister O'Keeffe described the investment as significant for Ireland's financial services sector. "Ireland is the largest hedge fund administration centre in the world with almost half of all global alternative investment funds operated from here. Fi-Tek's decision to establish a European headquarters in Dublin shows we can out-perform rival locations for major global investments in the financial services sector. More than half the world's leading financial services firms now have operations in Ireland."

Partly in response to the financial crisis, the alternative investment industry has dramatically increased its administrative complexity, including side pockets (for both distressed illiquid assets and private equity holdings), lock-ups and gating, multi-level master-feeder structures, currency classes (hedged and unhedged) and complex fee structures that may be assessed at a class, series or individual investor level.

HedgeTek provides a highly automated allocation engine that addresses these complexities, interacting with both fund accounting and transfer agency systems. In many client situations, installation of HedgeTek results in the elimination of hundreds of spreadsheets and manual processes, thereby eliminating operational risks, improving cycle time, and dramatically improving the quality and timeliness of investor reporting.

"Fi-Tek Ireland has recently gone live implementing HedgeTek with two leading global banks in Dublin," stated Subir Chatterjee, Fi-Tek founder and CEO. "Dublin has become a centre of expertise for hedge fund administration globally, and our intent is to make Fi-Tek Ireland a centre of excellence for us as well."

Peter Marshall, Managing Director, Fi-Tek Ireland said "We are very happy to establish this important part of our international business in Dublin. Ireland's pro-business environment, availability of highly skilled personnel, the presence of many of our clients, and working with IDA were the key reasons Ireland was chosen as the location for our European Headquarters."

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