The world’s largest fund governance firm DMS Offshore Investment Services is to create 50 new jobs in Dublin at its new European operations centre.
The company intends to create 50 new roles in fund governance and risk management as part of an investment supported by the Government and IDA Ireland.
DMS established its Dublin office in 2008 to provide fund governance services to fund promoters, taking advantage of Ireland's status as a globally recognised international financial services centre with a highly skilled and educated work workforce.
In 2012, the firm added a Management Company service to assist promoters who needed to comply with the Alternative Investment Fund Managers Directive (AIFMD).
AIFMD is an EU directive which will bring enhanced governance and monitoring of EU-domiciled Alternative Investment Funds (AIFs) and non-EU Alternative Investment Funds (AIFs) being marketed to European investors. The new legislation comes into full effect on July 22, 2014.
“AIFMD ushers in a broad new set of regulatory and compliance requirements for EU domiciled funds and for non-EU fund managers who wish to access European capital,” said Derek Delaney, DMS managing director for Europe.
“The directive is complex and there are aspects of its implementation that may vary across different European countries.
“DMS has developed solutions that meet the needs of both investors and regulatory authorities, and we have seen significant growth in the demand for our services, as a result. We are expanding our team in Ireland to meet this demand.”
In January 2014, the Central Bank of Ireland approved DMS AIF Management Company, which, along with the firm's proprietary AIF Platform, offers solutions to fund managers and investors to facilitate their continued access to the AIF market.
More recently, the Central Bank also approved the company's AIFM passporting application to Luxembourg, paving the way for DMS AIF Manager to be appointed as an AIF Manager to Luxembourg AIFs.
Among the expanded team in Dublin is a group of risk management professionals, who independently analyse each AIF's risk analytics and provide customised reports, through DMS Risk Management Solutions.
The risk team is headed by Jason Poonoosamy, a Chartered Financial Analyst, who has served as Head of Product Management in the global risk and analytics division of a major international bank. The compliance division is also being strengthened with the recruitment of a senior risk associate to join the firm this summer.