29/11/2012

Clearstream Jobs Boost Announced

Clearstream has established a branch in Dublin to extend its post-trade offering in the area of investment funds to hedge funds.

Clearstream Banking S.A., Dublin Branch, will extend the company’s investment funds business to alternative funds and allow Clearstream to service the entire range of funds: mutual funds, exchange-traded funds and hedge funds.

The hedge fund investor services were set up following a steep increase in client demand for such investments and will over time be fully integrated into Clearstream’s fund processing environment. The new venture has already signed six pilot customers.

Christian Westerholt, previously Head of Product Development in Clearstream’s Investment Fund Services area, will be the General Manager of the Dublin branch.

Michael Noonan TD, Ireland’s Minister for Finance, said: "The Financial Services sector is a key driver of jobs in Ireland. I am delighted that Clearstream has taken the decision to establish an operation centre for servicing the investments into hedge funds in Dublin with the potential for more than 100 jobs.

"Ireland is a global hub for the funds industry and today’s announcement further enhances the range of services and companies located in Dublin. Once again the Industrial Development Agency, IDA Ireland, has done an excellent job in highlighting Ireland's attractiveness as a destination for investment from European companies. I would like to wish all at Clearstream every success."

(GK/IT)

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