London-headquartered alternative investment specialist Trium Capital is set to launch a Dublin base in contingency planning for hard Brexit.
The plan is to launch ‘Super ManCo' in Dublin, which will incorporate the firms' Ucits and non-Ucits funds. This is said to enhance the firm's distribution capabilities and offer it an undisrupted access to European markets even after Brexit.
Speaking to The Irish Times, Andrew Collins, who will lead Trium Capital in Dublin, said the asset manager has operated a range of Irish funds from the UK since 2015 and has always intended to establish a presence locally.
"We'd always intended to put feet on the ground in Ireland because EU regulators are moving towards wanted to see people based in relevant jurisdictions. Being here gives us an opportunity to enhance our sales offering and gives us the cover we need for Brexit as well, " he said.
The firm has started to make hiring for the new business, with plans to bolster the headcount in the region over time. The move is awaiting regulatory approval.
Dublin has emerged as a favoured destination among asset managers, who have been ramping up or building new presence in the market in preparation for Brexit-related uncertainties.
Asset managers account for about half of the 100-plus applications the Central Bank is dealing with from firms seeking authorisation in the State as a result of Brexit.
More than €2.5trn of global fund assets are domiciled in Ireland in an industry that employs about 14,000 people.