A financial services company has announced an investment for Dublin with the potential to create over 100 jobs.

The announcement has come from Clearstream which is setting up an operational centre in the city.

15 of the vacancies have already been filled and the announcement has got the backing of the IDA.

The centre will support investment processing into hedge funds and hedge fund administration in the capital.

Clearstream is a wholly-owned subsidiary of Deutsche Börse and processes more than 7 million settlement instructions every year and settles more than 250,000 transactions daily.

It has around 2,500 customers in over 110 countries and extends across 50 markets. 

Clearstream International was formed in January 2000 through the merger of Cedel International and Deutsche Börse Clearing. 

The full integration of Clearstream was completed in July 2002.

Ministers welcome announcement

The group has 10 offices around the globe with a presence in Dublin, Dubai, Frankfurt, Hong Kong, London, Luxembourg, New York, Prague, Singapore and Tokyo.

Finance Minister Michael Noonan said "Ireland is a global hub for the funds industry and today's announcement further enhances the range of services and companies located in Dublin".

Welcoming the announcement from Brussels where he is attending an EU Trade Council meeting the Minister for Jobs Richard Bruton described it as "a great win for Ireland".

While the CEO of Clearstream Jeffrey Tessler commented "Clearstream selected Ireland for this investment as a result of the country's excellent reputation as a domicile and servicing centre for the hedge funds industry, on top of the excellent talent pool for this particular industry".