Deutsche Bank To Locate Hedge Fund Center Of Excellence In Dublin

May 19 2011 | 1:26pm ET

Deutsche Bank is moving its European hedge fund administration operation to Dublin, Ireland.

The German bank plans to create a center of excellence for hedge funds, moving between 75 and 100 employees to the Irish capital with significant expansion planned for the next three to five years.

The office will be based in the city’s International Financial Services Center. According to the Irish Independent newspaper, it will bring employment in the funds industry in Ireland to over 12,000.

The Deutsche Centre of Excellence will service both onshore and offshore funds, meaning they will not necessarily be domiciled in Ireland.

Deutsche Bank joins international firms like StateStreet, Citi and Bank of New York Mellon, which each employ about 2,000 people in Ireland.

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