BANK of Ireland has formed a marketing alliance with State Street Bank and Trust Company to service offshore mutual funds from the International Financial Services Centre (IFSC) in Dublin.

The alliance does not involve existing funds serviced by each group and will be directed at US fund promoters looking to develop offshore products.

The new business will be managed by Bank of Ireland Securities Services (BOISS), the fund administration subsidiary of Bank of Ireland, which already looks after funds of $33 billion (£20.66 billion) it will employ six extra staff.

State Street will provide the technology, where necessary. It is the largest service provider to the US mutual funds industry and looks after funds of $2.4 trillion globally. The two companies will jointly promote the Dublin based service.

State Street is based in Boston in Massachusetts.