Cleartstream branches out in Dublin
30 November 2012 Dublin
Image: Shutterstock
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鈥檚 investment funds business to alternative funds, allowing the firm to service mutual, exchange-traded and hedge funds.
Previous head of product development in Clearstream鈥檚 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鈥檚 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.
鈥淚reland is a global hub for the funds industry and today鈥檚 announcement further enhances the range of services and companies located in Dublin.鈥�
鈥淥nce 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.鈥�
Clearstream鈥檚 CEO, Jeffrey Tessler, said: 鈥淭he 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.鈥�
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.鈥�
Phillippe Seyll, head of investment funds services and member of the executive board of Clearstream, said: 鈥淗edge 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.鈥�
鈥淥ur 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.鈥�
The new branch will extend Clearstream鈥檚 investment funds business to alternative funds, allowing the firm to service mutual, exchange-traded and hedge funds.
Previous head of product development in Clearstream鈥檚 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鈥檚 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.
鈥淚reland is a global hub for the funds industry and today鈥檚 announcement further enhances the range of services and companies located in Dublin.鈥�
鈥淥nce 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.鈥�
Clearstream鈥檚 CEO, Jeffrey Tessler, said: 鈥淭he 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.鈥�
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.鈥�
Phillippe Seyll, head of investment funds services and member of the executive board of Clearstream, said: 鈥淗edge 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.鈥�
鈥淥ur 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.鈥�
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