Continuing expansion of its European Centre of Excellence in Cork as demand for cross-border fund administration and asset servicing grows
Cork, Ireland | 27 January 2021 – Alter Domus (“Alter Domus” or the “Company”), a leading provider of integrated solutions for the alternative investment industry, has announced the creation of 100 new jobs, substantially increasing headcount at its European Centre of Excellence in Cork.
From Cork, Alter Domus operates a European hub for global private debt, private equity, real estate and infrastructure investors and managers supporting over €1 trillion in assets under administration globally. With offices in Cork and Dublin, Alter Domus has already invested significantly in its Irish operations, having increased its headcount in Ireland from 100 to 180 people in 2020.
To support continued growth, the Company is investing in a new workplace for the future at Cork Airport Business Park allowing the business to continue to scale. Alter Domus will also continue to invest in its partnerships with third level institutions locally. This will include the enhancement of both graduate and internship programmes that will become a key source of top talent of the future. Annual intake for each of these programmes is expected to double this year.
The plans come as private asset funds are poised for significant growth in Ireland and the Company aims to provide fully integrated solutions to its clients.
Globally, Alter Domus recruited over 700 people in 2020 including 80 people in Ireland. In addition to organic growth, Alter Domus continues to grow by acquisition. Most recently, in December, the Company acquired Boston-based fund administrator, IPS Fund Services and London-based fintech, Credit-Vision and, in January, acquired Utah-based Strata Fund Solutions LLC. Alter Domus is targeting significant further organic and acquisition growth in 2021, part of which will be driven by the expansion of its services and capabilities in the Irish market.
Taoiseach Micheál Martin said: “The creation of 100 new highly-skilled jobs at the Alter Domus European Centre of Excellence in Cork shows the rich pool of talent we have in this country. The company’s 10-year commitment to Ireland as a leading player in the alternative investment industry has been an important part in that success story. There will be even greater opportunities in the Financial Services sector in years to come and the innovative graduate development paths provided by Alter Domus will help ensure future growth.”
Tánaiste and Minister for Enterprise Trade & Employment Leo Varadkar said: “I warmly welcome this further expansion of Alter Domus in Cork, which will create 100 new highly-skilled roles over the next year, on top of the 80 created last year. I am particularly pleased to see the company will continue the partnerships it has established with local third-level institutions. Ireland is now a hub for Financial Services companies from all over the world and we welcome this expansion and look forward to the company’s continued success here in Cork.”
Heather Crowley-Kerr, Head of Operations Europe, Alter Domus, said: “Our Irish operations have played a key part in our growth to become a leading global provider of fund administration and asset servicing dedicated to the alternative investment industry. We are delighted to announce the creation of 100 new jobs in Ireland and, in particular, at our European Centre of Excellence in Cork. Ireland offers a strong talent pool from which to grow. This includes both experienced professionals from the alternatives fund services industry and also access to quality third-level graduates. Our ability to attract talented professionals with a rewarding career path together with the development of a sophisticated training academy has aided our ability to grow rapidly in 2020 and we expect this to continue in 2021.”
James McEvoy, Country Executive Ireland, Alter Domus, said: “We are delighted to confirm our plans for further growth in Ireland. We have continued to rapidly grow the business in recent years and see a new market opening up here for investors in private assets. This industry holds over $10 trillion in assets, a growing proportion of which is invested in Europe. Ireland is going to be an increasingly important access point to these markets. Our priority is to support our clients where they need us and our focus now is to enhance our service offering to bring our specialist full-service solutions to market in support of that growth.”
Martin Shanahan CEO of IDA Ireland, said: “Alter Domus first established in Ireland in 2011. Since then it has significantly expanded its presence in Dublin and Cork. Today’s announcement to create 100 roles at its European Centre of Excellence in Cork, endorses Alter Domus’ confidence in the availability of a high skilled and talented workforce in the South West and demonstrates IDA Ireland’s continued commitment to winning investment for regional locations. I wish Alter Domus every success with this expansion.”