| PFPC headquarters hedge funds operations in Dublin |
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| PFPC, the US fund servicing company, has moved the headquarters of its hedge fund servicing business from the US to Dublin, in a move that will see 300 new jobs being created in Ireland. |
As part of the move, $30 billion in hedge fund assets will be moved to Dublin, adding to the existing $20 billion in hedge fund assets that PFPC’s Irish operations already service.
Speaking to Finance Dublin, Joan Kehoe, managing director of PFPC International, said that the Irish operation’s advanced technological capabilities played a key role in the decision to centralise the division in Ireland.
The move catapults PFPC into the middle-tier of Dublin hedge fund administrators, but remains behind the largest hedge fund administrator in Dublin IFS, which currently services some $100 billion in hedge fund assets from its Irish operations. PFPC has two Irish operations - PFPC International and PFPC Trustee & Custodial Services Ltd – which employ 470 people in offices in Dublin and Wexford, and currently service some $65 billion in fund assets. |
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