Financial and administrative services provider Alter Domus has today announced the launch of an Alternative Investment Fund Manager (AIFM) and specialised depositary services here.
It said the launch of an AIFM management company follows approval by the Central Bank for the purchase of Beechbrook Capital's Irish AIFM, and authorisation for Alter Domus' specialised depositary services.
The company said the acquisition will enable Alter Domus to help support the increased private capital flows between North America and Europe.
Alter Domus currently administers over $1 trillion in assets globally for 80% of the world's largest alternatives investors and managers.
With offices in Cork and Dublin, Alter Domus continues to expand and invest in its operations in Ireland.
Last year the company increased its local team from 100 to 180 people and in January this year announced an additional 100 new positions at its Central Operations Centre in Cork. 50 of these positoins have already been filled.
It said the launch of depositary services will significantly strengthen its comprehensive range of fund administration and corporate services in Ireland.
Alter Domus currently holds $113 billion in assets under depositary for global private debt, private equity, real estate and infrastructure investors and managers.
The new launch of the new services will also complement Alter Domus' existing services in Luxembourg, UK, and Malta.
James McEvoy, Alter Domus Country Executive for Ireland, said that the launch of Alternative Investment Fund Management and depositary services in Ireland is a pivotal step for the company as it continues the expansion of its business and offer a specialist suite of fully integrated solutions from Ireland.
"We have a long and trusted relationship with Beechbrook Capital, an experienced and successful capital provider to SMEs, and we are proud to acquire their Irish AIFM platform," James McEvoy said.
"The availability of top-tier talent and expertise, combined with a supportive legislative framework, makes Ireland an increasingly important location for investors in private assets," he added.