BUSINESS

MontLake aims to manage €20bn worth of assets

MontLake aims to manage €20bn worth of assets

Firm formerly known as ML Capital to create more Dublin jobs amid Brexit-fuelled boom, writes Michael Cogley


MontLake chief executive Cyril Delamare
MontLake chief executive Cyril Delamare

Dublin-headquartered financial services company MontLake, formerly known as ML Capital, intends to more than double its assets under management to €20bn over the next two years.

A further 20 front-office staff will also be added to its base on St Stephen’s Green, due to the firm’s organic growth and opportunities created by Brexit.

Chief executive Cyril Delamare said that UK fund managers will struggle to distribute their funds across Europe in the event of a hard Brexit.

“It has brought opportunities for people looking for Brexit solutions. Many people have contacted us to help them with their European investment funds in case Brexit brings an issue there,” Delamare said.

“In case of hard Brexit and a loss of passporting, UK-based fund managers will be unable to distribute in the European Union – so they need to find a solution of how to reach their clients,” he added.

As well as helping fund managers distribute their products across Europe, MontLake also ensures that funds are compliant with both European and Irish regulations. The company is regulated by the Central Bank of Ireland. “As a fast-growing business – we’re only nine years old – we believe we’ll have another 20 staff based in Dublin in the next couple of years,” Delamare said.

“That reflects the growth of the business we have away from Brexit, but that will definitely be an enhancer in terms of staff.”

The company employs 27 people in Dublin, a further 10 in London, and another two in Geneva.

Up to six of its new hires will be as a direct result of new business driven from Brexit.

The company was chaired by businessman Dermot Smurfit up to last December.

Smurfit was succeeded by Maples and Calders Investment Fund Dublin chief Barry McGrath.

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Among the most popular funds managed by MontLake are property-based funds, such as qualifying investor alternative investment funds (QIAIFs). Delamare defended the reputation of funds and their role in addressing the shortfall of housing in Ireland.

“In Ireland what has happened is that there has been a gap in the market where no more housing has been built over a number of years due to the financial crisis.

“There is definitely a gap, and that gap has to be caught up,” he said.

“How do you bridge that gap?” he said. “Well, I struggle to see how if you don’t get private capital to fund the construction of houses in this country how you’re going to bridge the gap and basically be able to temper the pressure on rents and on general property housing.”

Sunday Indo Business

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