Mon, 30/01/2006 - 06:17
DPM Mellon, the hedge fund administration subsidiary of Mellon Financial Corporation, is to introduce European-based hedge fund servicing.
The dedicated DPM Mellon team will join Mellon's Investment Manager Solutions (IMS) operation based in Dublin, which has been offering fund administration services since 1995.
DPM Mellon services more than USD 40 billion in assets for 95 clients worldwide. This new capability will enable Mellon in Dublin to offer a high quality service in hedge fund administration to existing and potential clients, complementing the more traditional fund servicing products.
'In keeping with our commitment to Europe we are very pleased to announce this development, as Dublin is considered by most international fund managers as the preferred domicile of choice for hedge funds,' says Robert Aaron, chief executive officer of DPM Mellon.
Leading the dedicated hedge fund administration team based in Dublin will be Kevin Corcoran, Head of Hedge Fund Administration. He will be responsible for overseeing and managing hedge fund capabilities in Dublin, having previously led DPM Mellon's hedge fund operations in Somerset, New Jersey, US. Corcoran will report to John Maguire, Head of Mellon Fund Administration operations in Dublin.
Corcoran joined DPM Mellon in 2004 from Calyon, where he was Vice President of Treasury Operations. Prior to Calyon he was Vice President of Operations for Bear Stearns Bank where he also managed their Dublin operations between 1997-1999.
Also joining the dedicated team is Elsa Heitzig, Product Specialist for hedge funds in Europe. Based in London, Heitzig will be responsible for new business development for DPM Mellon in the European markets and joins from Bank of Montreal's Institutional Sales team in London. Prior to joining Bank of Montreal she was employed by Deutsche Bank in London as an Associate on the Hedge Fund and Global Sales desks. She earned an MBA from Georgetown University in 2001.
We are delighted to have attracted such talent to our business,' says Aaron. 'Kevin Corcoran and Elsa Heitzig bring to both positions the expertise and experience needed in providing our clients with a continued premier hedge fund administration service. Mellon's Irish fund administration, trustee and global custody businesses administer funds of approximately USD 25 billion, employing more than 90 in its Dublin offices.'
And according to George McKay, executive director of Mellon IMS International, Dublin could provide the template for future expansion. 'We are delighted to announce the launch of Mellon's hedge funds operations in Dublin,' he says. 'Leveraging DPM Mellon's hedge fund administration expertise within Mellon's existing Dublin structure will offer financial institutions and fund managers a full spectrum of administrative services. We anticipate growing this operation using this model in other strategic European jurisdictions.'
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