UBS launches Dublin fund administration operation
UBS is spreading its wings outside its Cayman fund administration stronghold into Dublin, where it is setting up a fund administration operation that will target hedge funds.
UBS has recruited PFPC's Mark Mannion to set up and run the Dublin business. The Dublin business will form part of the UBS global hedge fund administration business managed by Sean Flynn with current assets under administration of USD 60 billion. Further hedge fund administration locations may be added in due course.
Around USD 3-5 billion of business is being transferred from the Cayman operation to help build volume rapidly in Dublin, and Mannion expects to have USD 10 billion under administration in Dublin by the end of Q1 2005.
Mannion said: "We are importing proven systems and technology from the Cayman operation, and will be using state-of-the-art software from providers such as Advent and CorrectNet."
He added: "We are in the process of hiring 10 experienced people to work in Dublin, and we expect to grow quickly to a 35 to 40 person operation."
- By Category
- News from other sites
- Special Reports
- Partner events