Deutsche Bank moving central hedge fund operation to Dublin
IRELAND'S ability to attract major global hedge fund business has been boosted by news Deutsche Bank is to move its entire European hedge fund administration operation to Dublin.
Deutsche, Germany's largest lender, is to create a European centre of excellence for hedge funds in Dublin. The Irish capital was selected following an internal selection process, it is understood.
About 75 to 100 people will be employed by Deutsche Bank by year end, with significant additional growth planned over the next three to five years. The office will be based in the IFSC.
It comes as the funds industry in Ireland, which contains hedge funds, pushes its employment numbers in Ireland over 12,000. It added 432 jobs in 2010, a rise of 6pc.
The industry will also get a boost in early June after Taoiseach Enda Kenny agreed to speak to the annual conference of the Irish Funds Industry Association. A speaker from the world's largest bond fund, Pimco, will also be taking part.
The Deutsche Centre of Excellence will service offshore and onshore funds that need not necessarily be Irish domiciled, which means the funds could be domiciled in locations like the Cayman Islands and Jersey but serviced from Dublin.
The fund sector is now a major employer in Ireland and has been targeted by the IDA as a major engine for growth. The IDA's Kieran Donoghue said the sector is now a national industry, with large numbers employed in Cork, Kilkenny and Sligo, as well as in the capital.
A number of international firms have increased to the point where they have real scale here -- StateStreet, Citi, and Bank of New York Mellon each employ around 2000 people in Ireland.