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Hedge fund service provider PFPC, which is one of the largest administrators of alternative investments in Ireland, has announced the launch of custodian services in Luxembourg through PFPC Bank. With its affiliate, PFPC International, the group now offers a full range of services to clients with Luxembourg-domiciled funds.

Luxembourg is Europe's leading domicile for traditional investment funds and the second largest fund domicile worldwide after the US. Following its introduction of new Specialised Investment Funds earlier this year, PFC expects an increase in alternative asset class activity in addition to continuing growth in traditional and long-only asset classes.

With the launch of the new business, PFPC now provides transfer agency, custody, middle office, fund accounting and administration and risk management services in Luxembourg. The latest step in the group's expansion strategy, it follows the announced opening of an office in London last month. PFPC already has operations in Dublin, Navan and Wexford in Ireland.

'We are very excited about the launch of depositary services and PFPC Bank in Luxembourg,' says PFPC International managing director Mark Mannion. 'Fund managers who have long benefited from PFPC's high-quality services in Ireland and the US now have the opportunity to take advantage of our full-service in Luxembourg to support and further their global business growth.'

PFPC International, a subsidiary of PFPC Worldwide, provides accounting and administration for USD103bn in assets. A member of the PNC Financial Services Group, PFPC is a provider of processing, technology and business solutions to the global investment industry, offering fund accounting and administration, transfer agency, custody and sub-accounting services for 70 million shareholder accounts representing USD2.4trn in total assets.

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