Cleartstream has opened a hedge fund processing centre in Dublin to extend its post-trade offering to hedge funds.
The new branch will extend Clearstream’s investment funds business to alternative funds, allowing the firm to service mutual, exchange-traded and hedge funds.
Previous head of product development in Clearstream’s investment fund services area, Christian Westerholt, will be the general manager of the Dublin branch, which has already signed six pilot customers.
Michael Noonan, Ireland’s minister for finance, said that the financial services sector is a key driver of jobs in Ireland and that the new operation center has the potential of creating more than 100 positions.
“Ireland is a global hub for the funds industry and today’s announcement further enhances the range of services and companies located in Dublin.”
“Once again the Industrial Development Agency, IDA Ireland, has done an excellent job in highlighting Ireland's attractiveness as a destination for investment from European companies. I would like to wish all at Clearstream every success.”
Clearstream’s CEO, Jeffrey Tessler, said: “The new Dublin base broadens our value proposition in the investment funds spaces adding to our established investment funds base in Luxembourg. The new specialised unit based in Dublin will provide the operational capabilities for hedge fund services to customers around the world.”
Our product range for investment funds will soon provide customers with a single, fully automated point of entry for routing orders to fund managers across all funds types.”
Phillippe Seyll, head of investment funds services and member of the executive board of Clearstream, said: “Hedge funds are highly complex and diverse instruments. Processing of hedge funds therefore requires a lot of manual effort which comes at significant operational risk and involves cost that are approximately 100 times higher than for other fund types.”
“Our aim is to increase efficiency in the hedge funds processing space and to offer investors a superior value proposition at a better price. We also remain committed to further growing this business and creating new jobs in Ireland where we have now created 15 new positions.”
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