AllianceBernstein, a US investment giant, has opened an office in Dublin to service clients in the European Union having secured an investment firm licence with the Central Bank of Ireland.
The group, which has more than $800 billion (€740bn) of assets under management, has appointed Irish funds executive Phelim Keogan as country head of the office here, which has been set up under a markets in financial instruments directive (MiFID) licence, it said in a statement.
Mr Keogan will oversee a specialist team that will provide compliance, risk and investment oversight for its portfolio management services in AllianceBernstein offices across the EU as well as a project management office for the wider Europe, Middle East and Africa (EMEA) region, it added. It is not clear how many people will ultimately be employed in Ireland.
“We made the decision to set up a new entity in Ireland to facilitate portfolio management activity across the European Union. The team in Ireland will complement our already strong distribution presence across the EU,” said Ian Foster, chief operation officer for EMEA at AllianceBernstein.
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“With its close ties with both the US and the UK, a familiar regulatory environment, strong business infrastructure and strong cultural fit, Ireland provides an ideal environment for AllianceBernstein to expand its portfolio management operations across the EU.”
A number of international investment firms – including JP Morgan, KKR and Evelyn Partners – have set up MiFID firms in Dublin to continue to serve clients across the EU following the UK’s exit from the union.
Mr Keogan was hired by AllianceBernstein in February, according to his LinkedIn profile. He has previously worked for firms including Fidelity International and Algebris Investments. He served as interim chief executive of Goodbody Stockbrokers’ former funds administration business between May 2022 and October last year as it was being lined up for sale. It was acquired by Netherlands-based TMF Group in a deal that generated €4.22 million of gross proceeds for Goodbody.
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