CSC
Consistent client experience across jurisdictions Interview with Liam McHugh & Paul Whelan
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s managers continue to look for opportunity beyond their domestic borders, their need for service providers who provide a consistent experience across jurisdictions becomes more pronounced. Further, having that experience tailored to their unique needs is held in even higher esteem. The fund administration space in Ireland has experienced much consolidation in the past few years. Several smaller to medium providers have been sold to either larger banking groups or private equity groups. This has left a dearth of independently owned players in the market. Liam McHugh, managing director of fund administration, CSC, remarks: “Right now, the fund administration space is ever changing due to the significant amount of M&A activity in recent years. This has created a gap in the market for a independently owned company such as CSC. The fact that we have been independently owned for over 120 years will give us a significant advantage as we build our global offering at a time when many of our competitors are considering selling as private equity backers look to realise their investments.” Paul Whelan, managing director of depositary services, CSC, adds: “The consolidation means less opportunity for clients. It fosters a lack of diversity and competition among providers. We see an opportunity to provide a bespoke, flexible solution for asset managers – not only large groups but also smaller and more medium sized firms. We have 10
the size and the expertise to meet the requirements of small and medium managers across jurisdictions in Europe. CSC, a global provider of business, legal, tax, and digital brand services, expanded its Fund Services into Ireland in April this year. Clients can now access the firm’s suite of Fund Administration and Capital Markets services with a pending application for Depositary services in Ireland. McHugh discusses the move: “In the US we service numerous alternative asset managers, many of whom have made or are looking to make investments in Europe or further afield. We want to be in a position to provide our clients with a global offering in key jurisdictions.” CSC chose Ireland as it is a key global fund domicile which is home to a significant percentage of global fund administration services. “As we continue to build our global footprint, with live fund administration teams in the US, the Netherlands and Asia, the next logical step was for us to expand our presence in Europe through adding offices in Ireland and Luxembourg. We see Ireland as a key jurisdiction for our global growth which will support our clients as they launch structures in this jurisdiction and beyond,” McHugh adds. Integrated management structure Whelan outlines some of the benefits clients enjoy as a result of the firm’s expansion: “We have an integrated management structure across Europe which allows our clients IRELAND FUND SERVICES IN FOCUS | Oct 2020
