The new centre is the sixth opened this year as part of a global multi-million pound investment initiative initially announced in April. The London facility joins a global network of centres in Berlin, Beijing, Dallas, Tokyo, New York and Washington, DC.

Operating out of IBM's Southbank offices, the new centre will initially be used to design and develop cross-asset risk positioning and monitoring systems and information management tools for financial institution clients in the City.

The vendor says the centre will be the focal point for a UK and Ireland analytics team which will initially number a total of 400 staff. It is anticipated that the team will double in size as the scheme is rolled out to other vertical industry sectors such as energy and utilities, pharmaceuticals and public sector organisations.

Speaking at the launch event, Lord Mandelson, secretary of state for business, innovation & skills, commented: "This new initiative from IBM is an important vote of confidence in the continued strength of London's banking and financial sector, and will help to give British firms the competitive advantage they need to thrive and grow."