IRELAND - DPM Mellon, the hedge fund administration subsidiary of Mellon Financial Corporation, is to launch a European-based hedge fund service.
The DPM Mellon team will join Mellon’s Investment Manager Solutions (IMS) operation based in Dublin, which has been offering fund administration services since 1995.
Robert Aaron, Chief Executive Officer of DPM Mellon said: In keeping with our commitment to Europe we are very pleased to announce this development, as Dublin is considered by most international fund managers as the preferred domicile of choice for hedge funds.
George McKay, executive director of Mellon IMS International, added: Leveraging DPM Mellon's hedge fund administration expertise within Mellon's existing Dublin structure will offer financial institutions and fund managers a full spectrum of administrative services. We anticipate growing this operation using this model in other strategic European jurisdictions.
Kevin Corcoran, head of hedge fund administration, will head up the Dublin-based team, having previously led DPM Mellon’s hedge fund operations in Somerset, New Jersey. Corcoran will report to John Maguire, head of Mellon Fund Administration operations in Dublin.
Elsa Heitzig will also join the team as product specialist for hedge funds in Europe. Based in London, she will be responsible for new business development in the European markets. She joins from Bank of Montreal’s institutional sales team in London.
Mellon's Irish fund administration, trustee and global custody businesses administer funds of approximately US$25bn, employing more than 90 in its Dublin offices.
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