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Saturday, 13th April 2024
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Guggenheim opens for business Back  
Guggenheim Partners, the US diversified financial services firm, has opened its new European collateralised loan obligation (CLO) operation in Dublin this month.

The Dublin office opened its doors for the first time in May. The office, located on Hanover Quay, wasted no time in getting business underway and and has already signed an engaged deal transaction. There are also plans for a $500 million CLO fund in the near future, according to Adrian Duffy, managing director of the new operation.

The staff of the new office is a blend of US employees and locally hired staff. 'We have eight people in the Dublin office at the moment. Four of them have come in from our American operations, while the other four in the office have been hired locally. We have plans to expand our operations immediately and we will be looking to hire a further three local employees in the summer,' explains Duffy.

One of the key reasons in Guggenheim locating its CLO office in Dublin was the loyalty of Irish staff. Duffy says, 'I like the notion of being able to build a team and hold onto them. London is too competitive for talent'.

Other key factors in Guggenheim choosing Dublin included the low tax rate and its proximity to London and other major European centres.

In recent years, Ireland has established itself as a CLO centre of some note, with leading European players such as Bank of Ireland, AIB, Avoca Capital, Harbourmaster Capital and Zais located in Dublin.

Guggenheim started its leveraged finance division in the US five years ago, and is now a sizeable player, with around $10 billion in assets under management.

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