Butterfield Fulcrum Group is set to create 40 new jobs over three years at its Dublin office, with a number of key positions already filled, as reported by the Press Association.

This follows the fund administration company's move to axe some 30 staff from its Bermuda office in January due to the impact of the global economic crisis.

The firm, which was formed when Fulcrum Group and Butterfield Fund Services merged in August last year, also made around 25 other redundancies from its Cayman Islands operation at the start of the year.

The news agency said that the Irish Government, through IDA Ireland, had worked closely with Butterfield Fulcrum to attract the new investment to Ireland, which will see the provision of administration services to collective investment schemes either domiciled in Ireland or offshore, including valuation services, fund accounting services, transfer agency and share registry.

The announcement follows the Dublin operation — Butterfield Fulcrum Group (Ireland) Ltd. — being licensed to provide fund administration services by the Irish Financial Services Regulatory Authority.

Irish Deputy Prime Minister Mary Coughlan said: "These developments at Butterfield Fulcrum are continuing evidence that Ireland's global reputation as a leading location worldwide for international financial services continues to attract high calibre companies who are developing their international business."