Financial services technology platform player Clearstream, which manages more than 100,000 investment funds and processes 7m settlements on its Vestima platform, is to create 100 new jobs in Dublin. Clearstream provides the post-trade infrastructure for the Eurobond market and services for securities from 52 domestic markets worldwide.
The company, a subsidiary of Deutsche Börse AG, has already filled 15 positions.
The Irish Stock Exchange uses Deutsche Börse’s cash market trading technology, Xetra.
The Dublin operation will focus on providing its Vestima investment service to the hedge fund industry, connecting buyers and sellers of hedge funds, processing trade orders and undertaking settlements.
“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,” the company’s CEO Jeffrey Tessler said.
“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,” Tessler added.
Ireland: a global hub for the funds industry
The jobs announcement was unveiled today by Ireland’s Minister for Finance Michael Noonan.
“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,” Noonan said.
Luxembourg-headquartered Clearstream provides the post-trade infrastructure for the Eurobond market and services for securities from 52 domestic markets worldwide. Clearstream’s customers comprise about 2,500 financial institutions in more than 110 countries.
IDA Ireland chief executive Barry O’Leary highlighted Ireland’s reputation as a global funds domicile. He said 40pc of all global alternative investment funds are serviced from Ireland.
“The establishment of Clearstream’s investment fund services office in Dublin further reinforces Ireland’s position within the global industry,” O’Leary said.
Financial markets image via Shutterstock
