Ocorian has picked up three licences from the Central Bank of Ireland as part of its strategy to grow its business in the Irish market.
The firm said it was going to be one of just a few non-bank providers based in the country able to offer a full range of services for a wider range of clients. The firm, which has offered corporate and capital market services in Ireland for 15 years, now has licences covering alternative investment fund management (AIFM) services, fund administration services and real asset depositary services.
Mike Hughes, global head of service lines at Ocorian, said “Ireland is a world class leading domicile for fund services and Ocorian has an extensive track record in supporting asset managers in key jurisdictions around the world. These licences will now enable us to offer our clients a wider choice of domicile for their funds within the European Union and benefit from Ocorian’s global expertise in fund administration.”
He added: “We have been operating in Ireland for over 15 years, offering corporate and capital market services to businesses engaged in aircraft leasing, securitisation, and cross border financing so it was an easy decision to expand our strategic footprint in Ireland and offer a wider range of services to our clients. Our presence in key global jurisdictions enables us to bring global and local expertise to our existing and future clients.”
The firm is targeting growth in the €3.88trn Irish funds market because… Well, why wouldn’t you when there’s that much money there?
It also said that Ireland’s new Investment Limited Partnerships (ILP) Act has made the country even more competitive for private investment funds particularly those based in the UK, US, Europe, and Asia.
Ocorian, which provides fund administration services to over 1,000 businesses across 14 onshore and offshore jurisdictions including Luxembourg, Jersey, Guernsey, UK, Cayman Islands and Mauritius, said Ireland’s European Union membership which offers EU access to firms is a major attraction as is its highly educated, expert, and experienced workforce.
The announcement from Ocorian announcing its intentions for the Irish market is roughly 1,000w long. Coincidentally, not one of those words was the word ‘Brexit’.