Patrick McCullagh has left JP Morgan's investor services division where he spent five years as head of private equity and real estate in Europe, the Middle East and Africa, and has joined a smaller provider, Luxembourg-based Alter Domus.
McCullagh, who was with JP Morgan for six years and most recently as sales team manager for UK asset managers, pensions & insurance companies, becomes global head of sales, a newly created position at Alter Domus.
Alter Domus, like other specialist private equity and real estate fund service providers, hopes to expand its business under the new regulatory regime in Europe for alternative investment managers.
The Alternative Investment Fund Managers Directive (AIFMD), which was implemented this year, will require private equity and real estate providers to appoint depositary banks. In recent months, Alter Domus and IPES, another specialist fund servicer, have applied for depositary licences under the AIFMD regulations.
Alter Domus has $33 billion (€24 billion) of assets under administration.
According to the Funds Europe third-party administration survey published in April, Alter Domus had €17 billion of assets under administration globally at the end of 2012, and €16 billion domiciled in Europe.
JP Morgan had €5.6 trillion globally, and €2.2 trillion in Europe, including non-alternative funds.
©2013 funds europe