Minister Richard Bruton TD today announced that DMS Offshore Investment Services Ltd is to create 50 new roles in fund governance and risk management at its European operations centre in Dublin.
DMS, founded in 2000, is a recognised leader in fund governance and is an authorised alternative investment fund manager (AIFM). DMS services include fund governance, AIFMD solutions, Foreign Account Tax Compliance Act (FATCA) services, banking and custody, outsourcing, 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.
Making the announcement Minister Bruton said: “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. Today’s announcement that DMS is expanding its European operations centre 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 company decided to provide a management company service to promoters who needed to comply with the AIFMD. AIFMD is an EU directive which will bring enhanced governance and monitoring of EU-domiciled AIFs and non-EU AIFs being marketed to European investors. The new legislation comes into effect in July 2014.
“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,” said Derek Delaney, managing director of DMS (Europe). “Ireland has a strong and globally recognised international financial services industry which will provide DMS with highly skilled and educated professionals as we expand our European operations centre here.”