Third-party management company (‘Manco’) provider FundRock has hired Ronan Doyle from its rival Capita in another sign of expansion in the provision of external governance services.
Doyle becomes head of risk and operations within FundRock Management Company’s Irish alternative and Ucits Manco business.
Third-party, or ‘rented’, Mancos are used by fund firms that need to establish a material presence in EU jurisdictions to meet regulatory governance requirements for traditional and alternative funds.
Doyle was at Capita for four years and worked as senior manager responsible for alternative and Ucits management company operations, covering both Cayman and Irish structures.
He has also worked for JPMorgan Bank (Ireland) in a number of managerial roles including fund accounting operations manager for the bank’s BlackRock relationship.
The Manco industry is readying itself for an expected increase in demand from UK asset managers who will require access to the EU market after the UK completes its departure.
FundRock, which is based in Luxembourg, is expanding the Irish business that stems back to 2012. Earlier this year FundRock opened a branch in Ireland and hired a head of legal and compliance.
Last year UK-based Capita Asset Services said it was expanding its Irish operations with the hiring of Martin Anderson from another Luxembourg Manco firm that has expanded in Ireland in recent years, Carne Group.
Ross Thomson, manager director at FundRock Ireland, said: “As we look to expand our offering in Ireland it is important that we source local talent and expertise in order to enhance our clients experience and increase our Irish network.”
Luxembourg recently revealed it had 421 Mancos spanning alternative and traditional investments.
In Ireland, roughly comparable data shows there are 149 fully authorised alternative investment fund managers (AIFMs), 554 AIFMs operating in Ireland on a cross-border basis, and 83 Ucits Mancos.
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