Fidelity To Establish R&D Centre In Galway

49 Employees To Work With 12 Academics

Fidelity first established a presence in Ireland in 1996 and since then has grown to employ about 300 people, with offices in Galway and Dublin.

The new R&D department is intended to help accommodate Fidelity's continued growth in Europe and demonstrates its ongoing commitment to Ireland.

Within three years, it is envisaged that Fidelity will have a team of 49 full time employees working in collaboration with 12 academics.

Minister for Enterprise, Trade and Employment Minister Martin said "This will be one of the largest R&D departments from a global financial company to be located in Ireland.

"It is strategically important for Fidelity and will further enhance its Irish operations. Fidelity's decision to locate this project here will also be tremendously beneficial to the academic groups with which FTG Ireland intends to collaborate".

"This Fidelity investment is a significant increase in the benchmark by which other global financial companies can judge Ireland's abilities, particularly at regional locations, to successfully support next-generation R&D.

"It further demonstrates Ireland's proven ability to provide knowledgeable and skilled graduates with financial and other disciplines", Minister Martin concluded.

Paul Murtagh, Managing Director, FTG Ireland said "Fidelity is extremely excited to be expanding our presence in Ireland. With this new R&D function, Fidelity is well-positioned to further expand its current operation in Galway and contribute to future technology projects.

"The quality of the Irish workforce, the success of our existing Irish operations and the world-class research carried out in the Irish universities were key factors in our decision to expand in Ireland."

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of more than US$3.2 trillion, including managed assets of US$1.5 trillion as of June 30, 2007. It offers investment management, retirement planning, brokerage, and human resources and benefits services to more than 23 million individuals and institutions as well as through 5,500 intermediary firms. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, one of the largest mutual fund supermarkets and a leading online brokerage firm.