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Clearstream sets up Dublin operation in strategic boost to Ireland's offerings as an international asset management and funds administration centre Back
Clearstream Banking S.A., the clearing and settlement division of Deutsche Borse, is to establish an operational centre to support investment processing the trades of investment funds with the potential for the creation of over 100 new jobs in Dublin.
Clearstream, which acquired part of Dublin niche fund services company Centaur last month, is targeting Ireland's hedge funds industry for business, and the move reflects a further maturation of the industry. Post trade settlement services, a specialism of Clearstream, has been boosted in intricacy in recent years with the increased regulatory focus on this aspect of funds administration.

Clearstream is a foremost central depository, and provider of post trade services, and the establishment of the unit in Dublin is an important strategic development in the development of Ireland as an international asset management and funds administration centre.

Clearstream is a subsidiary of the Deutsche Borse AG which is one of the largest exchange organisations in the world. The Irish Stock Exchange uses Deutsche Borse’s cash market trading technology Xetra. Clearstream provides post-trade services in the financial services sector and the Dublin operation will provide its Vestima investment fund services offering to the hedge fund industry that connects buyers and sellers of hedge funds, processes trade orders and undertakes settlements.

Clearstream has already created and filled 15 new positions.

'Clearstream selected Ireland for this investment as a result of the country’s excellent reputation as a domicile and servicing centre for the hedge funds industry on top of the excellent talent pool for this particular industry. Clearstream in Dublin will be at the centre of the funds sector in Ireland allowing us to build relationships with hedge fund promoters, distributors and administrators. Our aim is to grow our Dublin franchise over time, thus creating new jobs in Ireland,' said Jeffrey Tessler, CEO of Clearstream.

'The Financial Services sector is a key driver of jobs in Ireland. I am delighted that Clearstream has taken the decision to establish an operation centre for servicing the investments into hedge funds in Dublin with the potential for more than 100 jobs. 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 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,' said Minister for Finance, Michael Noonan.

'The announcement that Clearstream has decided to establish a fund services operation in Dublin and create 100 high quality jobs is a great win for Ireland. A key part of the Government’s Action Plan for Jobs is to attract leading players in the financial services sector and increase employment by 10,000 by 2016, and over the last number of months we have seen several significant jobs and investment announcements in this sector. The challenge now is to build on this success and by putting in place the right supports and an intensive programme of trade and investment missions I am determined to ensure that we continue to create the jobs growth we need,' said the Minister for Jobs, Enterprise and Innovation, Richard Bruton.

'Clearstream is a very welcome addition to the investment fund community in Ireland. Ireland has developed an excellent reputation globally as both a funds domicile and funds servicing centre with more than 40 p.c. of all global alternative investment funds serviced from Ireland. The establishment of Clearstream’s investment fund services office in Dublin further reinforces Ireland’s position within the global industry. I wish Clearstream every success with this venture and offer the ongoing support of IDA Ireland,' said Barry O’Leary, CEO of IDA Ireland.

Clearstream was created in 2000 through the merger of Cedel and Deutsche Borse Clearing. Its main functions is to act as a International Central Securities Depository (ICSD), Clearstream also acts as the Central Securities Depository (CSD) for Germany and Clearing House for a number of securities. It is one of the biggest custodians and clearer of the eurobonds market.
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