Dutch fund administrator Intertrust will launch a new business in Ireland to capitalise on the growth of the Irish funds business.
Intertrust will provide administration services to both Irish and non-Irish domiciled collective investment schemes, providing support to its global private equity, real estate and private debt clients.
“The decision to extend our Irish fund services business to include fund administration speaks to our strategy of aligning our range of solutions to the needs of our global client base,” said Imelda Shine, managing director, Intertrust Ireland.
“We’re already seeing a rising demand for AIFM ManCo services and clients are increasingly looking for a platform that can combine administration and AIFM services in one offering.”
To lead the business, Kevin Doyle has been appointed head of fund administration for Intertrust Fund Services Ireland.
Last year, Intertrust said it would recruit 60 new staff for its Irish business over the next few years.
A number of fund services providers have bolstered their Ireland business in the anticipation of the Irish funds market. Last year, a study by State Street predicted Ireland would overtake the UK and US as the second top fund domicile for asset managers within five years.
JP Morgan opened its new Dublin office this year, meanwhile Northern Trust and Clearstream have made a significant push to recruit fund services specialists for their Irish offices.