Mellon To Base European Hedge Fund Unit In Dublin

by Jason Gorringe, Tax-News.com, London

07 February 2006

DPM Mellon, the hedge fund administration subsidiary of Mellon Financial Corporation, has announced that its new European-based hedge fund servicing unit will be located in Dublin which, the company observes, has rapidly become the "preferred domicile of choice" for hedge funds.

The dedicated DPM Mellon team, which services more than $40 billion in assets for 95 clients worldwide, will join Mellon's Investment Manager Solutions (IMS) operation based in Dublin, which has been offering fund administration services since 1995.

The company explains that the new capability will enable Mellon in Dublin to offer a high quality service in hedge fund administration to existing and potential clients, complementing the more traditional fund servicing products.

"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," commented Robert Aaron, Chief Executive Officer of DPM Mellon.

George McKay, Executive Director of Mellon IMS International noted that the new Dublin operation has plenty of potential to grow.

"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," Mr McKay observed.

The dedicated hedge fund administration team based in Dublin will be led by Kevin Corcoran, Head of Hedge Fund Administration, who will also be responsible for overseeing and managing hedge fund capabilities in Dublin.

Mr Corcoran has previously headed up DPM Mellon's hedge fund operations in Somerset, New Jersey. Mr Corcoran joined DPM Mellon in 2004 from Calyon, where he was Vice President of Treasury Operations.

Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and high net worth individuals, with approximately $4.7 trillion in assets under management, administration or custody, including $781 billion under management.

Mellon's Irish fund administration, trustee and global custody businesses administer funds of approximately $25 billion, employing more than 90 in the Dublin offices.

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