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Tuesday, 11th August 2020
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Dublin - an emerging centre Back  
With increasing advancements in technology, hedge funds no longer have to operate in the main centres, and Dublin is emerging as a new management centre.
As reported in last month’s FINANCE, international managers are choosing Dublin over traditional hedge fund centres such as London, Zurich and Geneva.

Abbey Capital is one such manager. It was set up in 2000 by a founder of Allied Irish Capital Management, Tony Gannon. A multi-manager, which allocates across managed futures and FX managers, Abbey Capital has in excess of $250 million in assets under management. According to Gannon, all of Abbey Capital’s clients are based internationally, mostly in the US and mainland Europe, and apart from the fact that he is Irish, Dublin was seen as a good location for the company due to the attractiveness of its tax regime, and its time zone. He also highlights the skilled workforce that has emerged due to the success of the IFSC.

But Gannon says that Dublin as a location for hedge funds does depend on the type of client base the fund has. If the fund is focused on lower volume, low high net-worth investors, it would probably have difficulties operating out of Ireland Gannon says.

FBH Asset Management was set up in January 2003, by two former employees in derivatives in Ulster Bank, Jim Fox and Shane Hughes, and ex-Anglo Irish Bank employee David Bradley. Focusing on fixed income relative value, FBH currently has one fund, with AUM of $10 million, but has a target of $2-300 million within three years.

Fox says that hedge fund managers don’t have to be located in major financial centres, and that Dublin is an attractive location due to its strong trading environment, high level of regulation, and infrastructural support.

Daiwa Securities Trust & Banking (Europe) plc’s Dublin operation provides administration services for the aforementioned managers.

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