Bermuda fund-angle

Want to work for a Bermudan fund administrator in Ireland? Or even in Bermuda?

Apex Funds, a Bermuda-based fund administrator is establishing a 40-person European headquarters in Cork. And local rival Fulcrum Fund Administration is applying for a licence to establish a 20-person office in Dubin. They join Tranaut, another Bermudan fund administrator recently purchased by JP Morgan, which has been operating in Ireland for some time.

John Bohan, managing director of Apex Funds, says there is "a large untapped pool of accountants eager to work in hedge funds in the region".

Given Ireland's now notorious shortage of fund admin talent, this may be a case of wishful thinking. Ken McCarney, managing director of Fulcrum Fund Administration, is a little more realistic. He admits that recruitment could be "a challenge". However, he expects a flow of Irish hedge fund administrators returning home from Bermuda will help fill the void.

Bohan appears to have different ideas, however. He intends to ship Irish fund specialists overseas. Bohan says there is an "open passport" between Apex's global offices - he expects to recruit staff in Ireland for Apex operations in Bermuda, Dubai and Mauritius.

McCarney says that Fulcrum, which has recently received an investment from the venture capital company 3i, was told when it pitched for European hedge fund clients that they would not be taken seriously unless they had a fund administration facility in Ireland.