Fund governance firm DMS Offshore Investment Services is expanding its operations in Europe to take advantage of new opportunities in the alternative investment funds market.
DMS intends to create 50 new roles in fund governance and risk management at its European operations centre in Dublin, a move that is supported by Ireland's Department of Jobs, Enterprise and Innovation through the Industrial Development Authority (IDA Ireland).
DMS established its Dublin office in 2008 to provide fund governance services to fund promoters. In 2012, the firm added a management company service to assist promoters who needed to comply with the Alternative Investment Fund Managers Directive (AIFMD).
AIFMD is an EU directive which will bring enhanced governance and monitoring of EU-domiciled Alternative Investment Funds (AIFs) and non-EU Alternative Investment Funds (AIFs) being marketed to European investors. The new legislation comes into full effect on 22 July 2014.
"AIFMD ushers in a broad new set of regulatory and compliance requirements for EU domiciled funds and for non-EU fund managers who wish to access European capital. The directive is complex and there are aspects of its implementation that may vary across different European countries," says DMS managing director (Europe) Derek Delaney. "DMS has developed solutions that meet the needs of both investors and regulatory authorities, and we have seen significant growth in the demand for our services, as a result. We are expanding our team in Ireland to meet this demand."
In January 2014, the Central Bank of Ireland approved DMS AIF Management Company, which, along with the firm's proprietary AIF Platform, offers solutions to fund managers and investors to facilitate their continued access to the AIF market. More recently, the Central Bank also approved the company's AIFM passporting application to Luxembourg, paving the way for DMS AIF Manager to be appointed as an AIF Manager to Luxembourg AIFs.
Among the expanded team in Dublin is a group of risk management professionals, who independently analyse each AIF's risk analytics and provide customised reports, through DMS Risk Management Solutions. The risk team is headed by Jason Poonoosamy, a chartered financial analyst, who has served as head of product management in the global risk and analytics division of a major international bank. The compliance division is also being strengthened with the recruitment of a senior risk associate to join the firm this summer.
In Luxembourg as well as in London, DMS is also strengthening its European operations. The firm recently recruited a new executive director, Hakim Bendriss, to lead its Luxembourg office. Bendriss, a French national, is a hedge fund specialist who is highly experienced in developing institutional markets for long only and hedge funds in Europe and has expertise in middle office, risk and distribution.
In 2013, DMS opened its London office at Berkeley Square, to bring to the UK market its global fund governance and allied services – FATCA, AIFMD, banking and custody, trust, corporate and outsourcing solutions. The London operation is headed by Matthew R Brown, whose expertise lies in the equities, investments trading and hedge fund market in Europe, as well as in the Middle East.
"Within the global hedge fund industry, DMS is known for the quality of its institutional fund governance service and adherence to regulatory standards and we are building on this foundation to serve the European market in the many areas in which we offer our products and services," Delaney says.
