29 November 2012

Clearstream to establish an investment fund services operation in Dublin, Ireland

- Potential for more than 100 new jobs, 
- Clearstream is a subsidiary of the Deutsche Börse AG 

29 November 2012 - Dublin, Minister for Finance, Michael Noonan TD today announced that Clearstream is to establish an operational centre to support investment processing into hedge funds in Dublin with the potential for the creation of, over time, more than 100 new jobs. At this early stage of the venture, 15 new positions have already been created and filled. Clearstream is a subsidiary of the Deutsche Börse AG which is one of the largest exchange organisations in the world. The Irish Stock Exchange is using Deutsche Börse’s cash market trading technology Xetra. Today’s announcement is supported by the Department of Jobs, Enterprise and Innovation through IDA Ireland. 

Clearstream in Dublin will focus on providing its Vestima investment fund services offering to the hedge fund industry and in particular connect with buyers and sellers of hedge funds, process trade orders and undertake settlement. 

Making the announcement Minister for Finance, Michael Noonan TD 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 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.”

Jeffrey Tessler, CEO of Clearstream, said, “Clearstream selected Ireland for this investment as a result of the country’s excellent reputation as a domicile and servicing centre for the hedge funds industry on top of the excellent talent pool for this particular industry. Clearstream in Dublin will be at the centre of the funds sector in Ireland allowing us to build relationships with hedge fund promoters, distributors and administrators. Our aim is to grow our Dublin franchise over time, thus creating new jobs in Ireland.”

Minister for Jobs, Enterprise and Innovation, Richard Bruton TD said: “The announcement that Clearstream has decided to establish a fund services operation in Dublin and create 100 high quality jobs is a great win for Ireland. A key part of the Government’s Action Plan for Jobs is to attract leading players in the financial services sector and increase employment by 10,000 by 2016, and over the last number of months we have seen several significant jobs and investment announcements in this sector. The challenge now is to build on this success and by putting in place the right supports and an intensive programme of trade and investment missions I am determined to ensure that we continue to create the jobs growth we need”.

Welcoming the announcement, Barry O’Leary, CEO of IDA Ireland said, “Clearstream is a very welcome addition to the investment fund community in Ireland. Ireland has developed an excellent reputation globally as both a funds domicile and funds servicing centre with more than 40% of all global alternative investment funds serviced from Ireland. The establishment of Clearstream’s investment fund services office in Dublin further reinforces Ireland’s position within the global industry. I wish Clearstream every success with this venture and offer the ongoing support of IDA Ireland.’’

Source: IDA Ireland