Depository Picks Dublin For Hedge Fund Services Center

Nov 29 2012 | 11:41am ET

Deutsche Börse's depositary arm has opened a new office in Dublin focused on hedge fund clients.

Clearstream said its new investment fund center will process orders and make settlements for hedge fund and other investment fund clients. The firm has some 100,000 such funds on its order-routing platform.

"Ireland is a global hub for the funds industry and today's announcement further enhances the range of services and companies located in Dub," Michael Noonan, Ireland's finance minister, said. For its part, Clearstream lauded Ireland's status as "a domicile and servicing center for the hedge funds industry on top of the excellent talent pool for this particular industry."

Clearstream has already dipped into that pool, hiring 15 staffers. The company said the Dublin office could eventually grow to house 100 employees.

Dublin beat out the current headquarters of Clearstream's investment fund operations, Luxembourg for the new center. The new office is led by Christian Westerholt, former head of investment fund services product development at Clearstream.

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