FINANCIAL SERVICES
‘Many institutional investors are increasing their allocations to alternative funds, albeit under stricter due diligence, greater transparency and regulatory guidelines’
Brian Ruane
diligence, greater transparency and regulatory guidelines.”
Ireland’s global role This is all good news for the alternatives industry and for Ireland, says Ruane. “A significant percentage of hedge funds globally touch Ireland from both a stock exchange listing and a service provider perspective, where the hedge fund managers utilise firms like BNY Mellon in Ireland to provide accounting, middle office and/or derivatives servicing. “The Irish Stock Exchange (ISE) is important to those firms
that want to list, and there are hundreds of alternative vehicles that have chosen to list on the ISE,” says Ruane. Another important component is the calibre of service providers available here, says Ruane. “The availability of talent in Ireland, thanks to universities like UCD Smurfit School, and the professional accountancy bodies, is key to the future of the indus- try. It means there is a ready supply of well-qualified, experienced people.” As for what Ireland needs to do to continue to support this industry, Ruane believes much of the hard work has been done. “Ireland has done much of what it needed to do in the past, which is train people. As for today, I think the labour force and the industry has shown itself to be flexible and adaptable to how the industry evolves.” He believes the IFIA (Irish Fund Industry Association)
deserves credit too for its participation and effort within the changing regulatory environment in Europe. “That voice is defi- nitely being heard,” he says.
BNY Mellon worldwide The outlook for BNY Mellon worldwide looks positive indeed. With operations is some 36 countries, and more than 49,000 employees around the globe it is the only financial institution in the US to hold a triple-A rating from Moody’s – an impor- tant consideration for those investors looking for a stable
partner, says Ruane. “Our financial rating post-credit crisis has undoubtedly stood
to us, and has helped us grow many of our businesses, including alternative investment services.” In Ireland, aside from the fast-growing alternative invest-
ment services business, BNY Mellon is also the No 1 fund administrator in Ireland by assets under administration. The company opened its first office in Ireland in 1994 and received approval from the Irish Financial Regulator to establish a new bank licensed entity in Ireland in 2009. Today, BNY Mellon employs over 1,700 employees in Cork, Wexford, Navan and Dublin, and provides a broad range of services to asset man- agers, banks, pension funds and insurance companies including asset servicing, corporate trust, depositary receipts and treasury services. Through its clearing subsidiary, Pershing Securities International, the company is also a member of the Irish Stock Exchange. “In addition, we do have extensive and long-term relationships
with many of the Irish corporates that are listed on theNew York Stock Exchange, through our depositary receipt business,” says Ruane. BNYMellon is becoming a more visible presence in this coun-
try through its active involvement in several local charities and its sponsorship of major exhibitions in the likes of the IrishMuseum of Modern Art. “Our corporate culture is to participate in the local community,” says Ruane. In July of last year, BNY Mellon closed on the acquisition of
PNC Financial Services Group, adding a further 500 staff in Ireland, with offices in Navan andWexford. “Ireland is not a service location for us,” he concludes, “it’s
a global business location with established local senior management.”
Brian Ruane is a member of the North American Advisory Board of UCD Michael Smurfit Graduate Business School.
UCD BUSINESS CONNECTIONS 31
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