AllianceBernstein has opened a new office in Dublin after gaining a Mifid license from the country’s central bank.
The firm saidthe expansion is part of its plan to grow and strengthen its portfolio management presence across the EU.
Ian Foster, COO of EMEA at AllianceBernstein, said: “We made the decision to set up a new entity in Ireland, to facilitate portfolio management activity across the European Union (EU). The team in Ireland will complement our already strong distribution presence across the EU.”
He added: “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.”
AllianceBernstein has appointed Phelim Keogan as country head of the office. Keogan, who joined in February, will oversee the activities of a specialist team based in the Dublin office. The team will provide compliance, risk, and investment oversight for its portfolio management services in offices across the EU as well as a Project Management Office for the wider EMEA region.
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Keogan’s LinkedIn profile indicates a lengthy career in financial services in Ireland. Apart from his position at AllianceBernstein, Keogan was interim CEO of Goodbody Fund Management and the CEO for Ireland at Algebris Investments. He served in that latter position for nearly two-and-a-half years until stepping down in March. There are also senior positions listed at Fidelity International and Federated Hermes (international).
Honor Solomon, CEO of EMEA at AllianceBernstein, said the moves marked a ‘significant milestone’ for the firm after gaining its MiFID license.
She added: “As we expand our global footprint, we remain steadfast in our commitment to delivering exceptional value to our clients, with local portfolio management expertise. The firm’s focus on innovation, expertise and client-centric approach will help it stand out in a highly competitive market and will enable us to build long-lasting relationships with our esteemed clients, partners and the wider community.”
AllianceBernstein has been making steady encroachments into Europe in recent months. In September, it introduced its AB US Value Portfolio to European markets, using the approach of AllianceBernstein’s long-running US Large Cap Value strategy. That fund focuses on large-cap companies and has 46 to 65 holdings. It was originally launched in 1973 and has been available to US investors since 2001.
Likewise, the previous month saw the launch of two systematic fixed income portfolios holding investment grade corporate bonds — one focused on the US, but the other on Europe. The latter, the AB European Corporate Bond Portfolio, is managed by Scott DiMaggio and Bernd Wuebben, along with Jamie Harding, and invests in investment grade corporate bonds denominated in euros.
Both funds will be domiciled within Luxembourg. However, they are also registered in Switzerland, France, Germany, Italy, Netherlands, Switzerland, United Kingdom, Belgium, Finland, Norway, and Sweden.
