European depository Cleartsream has opened a hedge fund processing centre in Dublin, Ireland, creating 15 new positions with the potential to expand to 100 roles.
The new venture has already signed six pilot customers, who will get the run of a range of standardised post-trade processing services, including automated order routing, settlement and position reporting.
Duiblin was chosen over Clearstream's current investment funds base in Luxembourg due to its location as a recognised global centre for hedge fund administration.
In May, Deutsche Bank moved its European hedge fund operations to Dublin, joining an influx of big investment banks which have taken advantage of generous tax breaks and government incentives to move back office admin roles to Dublin's International Financial Services Centre.
Jeffrey Tessler, CEO Clearstream, says: "The talented pool of expertise and the proximity to the hedge fund industry have been the key drivers for our choice of Dublin. Our product range for investment funds will soon provide customers with a single, fully automated point of entry for routing orders to fund managers across all funds types."
Christian Westerholt, previously head of product development in Clearstream's investment fund services area, will be the general manager of the Dublin branch.