Clearstream centre could create 100 jobs

Fri, Nov 30, 2012, 00:00

Clearstream, the post-trade services company owned by the Deutsche Borse Group, has announced the opening of an investment fund services operation in Dublin.

Minister for Finance Michael Noonan said the development, being supported by IDA Ireland, had the potential to create up to 100 positions.

About 15 of the jobs have already been filled and the investment is expected to be worth about €15 million.

“Ireland is a global hub for the funds industry,” Mr Noonan added, “and today’s announcement further enhances the range of services and companies located in Dublin.”

The Dublin centre will focus on providing Clearstream’s investment fund services to the hedge fund industry, processing trade orders and undertaking settlements.

Clearstream says it has more than €11 trillion in assets under custody, making it one of the world’s largest settlement and custody firms for domestic and international securities.

The company said it had chosen to establish the centre in Ireland because of its excellent reputation as “a domicile and servicing centre for the hedge funds industry on top of the excellent talent pool for this particular industry”.