With total hedge fund AuM now nearing USD3trn, the last 12 months have been a noticeable period of growth for the industry at large. Admittedly, 2014’s performance figures aren’t as strong as 2013 but as the regulatory dust in Europe settles many more managers are striking out and launching new funds. Indeed, Clive Bellows (pictured), Country Head, Ireland, at Northern Trust, observes that the most obvious trend this year is “growth”.   “Across all asset classes we have seen significant new fund launches and inflows into product. Of our USD420bn in AuA our top 25 clients account for about USD370bn

On 3 October 2014, Clearstream, a Luxembourg-headquartered international central securities depositary, successfully completed the acquisition of Citco Global Securities Services Limited (CGSS). With the integration of around 300 Citco employees, the Cork-based office is now Clearstream’s largest operational hub for processing funds. “With our expertise in processing transactions in hedge funds for financial institutions, and Clearstream’s expertise in mutual funds, the acquisition has brought together two market leaders in investment fund sub-custodian services,” comments Sean O’Donovan (pictured), Managing Director of the newly named Clearstream Global Securities Services (CGSS) Ltd.   What makes this acquisition important, both to Ireland and the

Under the AIFMD, European fund managers must focus more intently on operational risk. Earlier this summer, the Central Bank of Ireland produced an AIF rulebook highlighting 16 requirements to which an AIFM should adhere in order to establish best practices around operational risk. “What transpired from this was a feeling among AIFMs of an increased burden on compliance and a huge cost associated with adhering to the CBI’s guidance,” says Colin Keane, Ireland Country Head at SS&C GlobeOp. The CBI listened to managers’ feedback, issuing a further consultation paper. There will likely be further guidance if not at the end

Quintillion Limited is a European-based affiliate of U.S. Bancorp Fund Services, a global alternative administrator with assets under administration of USD117bn, with Europe’s AuA totalling approximately USD19bn. Over the last two years, Quintillion focused on making structural changes to the business in response to European regulation. According to Ken Somerville (pictured), Head of Business Development, Quintillion, depo lite has been a “distinct and absolute” change to the business model.   “That has been facilitated in part through operational changes, in part through the banking license we have. There are quite a few moving parts to depo lite that need to