DMS expands European operations

Published by Cayman Compass

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, the company said.

DMS said it intends to create 50 new fund governance and risk management jobs at its European operations center in Dublin, a move that is supported by Ireland’s Department of Jobs, Enterprise and Innovation through the Industrial Development Authority (IDA Ireland).

Minister for Jobs, Enterprise and Innovation Richard Bruton made the announcement at a joint DMS/IDA Ireland event in Dublin on May 29. “International financial services is a key sector which we have targeted for jobs growth as part of our Action Plan for Jobs, and in recent years we have seen significant expansion in this area,” Mr. Bruton said. “Today’s announcement that DMS is expanding its European operations center in Dublin and creating 50 extra jobs is a further boost for this sector of the economy. I wish DMS every success with this expansion, and look forward to further announcements in the future.”

DMS established its Dublin office in 2011 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 is an EU directive which will bring enhanced governance and monitoring of EU-domiciled Alternative Investment Funds and non-EU Alternative Investment Funds that are marketed to European investors. The new legislation comes into full effect on July 22, 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,” noted 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, enabling DMS AIF Manager to be appointed as a fund manager of Luxembourg alternative investment funds.

DMS said its expanded team in Dublin includes risk management professionals who analyze and report risk analytics relative to investment funds. 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 who will join the firm this summer, DMS said.

DMS is further expanding its European operations in Luxembourg and London. The firm recently recruited a new executive director, Hakim Bendriss, to lead its Luxembourg office. Mr. Bendriss, a French national, is a hedge fund specialist in developing institutional markets for long only and hedge funds in Europe.

In 2013, DMS opened its London office at Berkeley Square, to bring to the U.K. 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, an expert 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,” Mr. Delaney said.

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