Clearstream, the post-trade services company owned by Deutsche Borse Group, has announced that it is opening an investment fund services operation in Dublin.

Minister for Finance Michael Noonan said the IDA supported development had the potential to create up to 100 jobs. Some 15 of these have already been filled.

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

The Dublin centre will focus on providing Clearstream's investment fund services to the hedge fund industry, processing trade orders and undertaking settlements.

Clearstream said it had chosen to establish the centre in Ireland because 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".

Clearstream has some 100,000 investment funds on its order routing platform Vestima and processes more than 7 million settlement instructions every year.

The Dublin investment will reportedly be worth up to €15 million.