The Minister for Jobs, Enterprise and Innovation Richard Bruton today announced that DMS Offshore Investment Services Ltd is to create the new roles in fund governance and risk management at its European operations centre in Dublin.
The company is a recognised leader in fund governance and provides services in fund governance, AIFMD solutions, foreign account Tax Compliance Act (FATCA) services, banking and custody, outsourcing and trust and corporate Services.
DMS employs over 200 people in its offices throughout Dublin, the Cayman Islands, New York, São Paulo, London, Luxembourg and Hong Kong.
Bruton said that international financial services is a key sector which the government has targeted for jobs growth, adding that these extra jobs “is a further boost for this sector of the economy”.
DMS established its Dublin office in 2011 to provide fund governance services to Fund promoters. In 2012, the company decided to provide a Management Company service to 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 AIFs being marketed to European investors. The new legislation comes into effect in July 2014.
Derek Delaney, Managing Director of DMS (Europe) said that: “With the requirement for EU domiciled funds to comply with AIFMD, we have seen significant growth in the demand for our services. We are ramping up our team in Ireland to meet this demand.
He said Ireland has a strong and globally recognised international financial services industry which will provide the company with “highly skilled and educated professionals”.