A trio of industry veterans has launched a new administration service in Ireland. Alchelyst – which expects approval from the Central Bank of Ireland imminently – will focus on the alternatives sector, where the principals each have extensive experience. Joan Kehoe is CEO, Ian Lynch is chief commercial officer, and Brian Fitzgerald is COO. All three have long and illustrious careers in the administration space, spanning Quintillion, J.P. Morgan, BNP Paribas, Credit Suisse, U.S. Bank and Intertrust, inter alia. Teams have been established in Dublin and India, and Alchelyst – which is backed by a small group of UHNWIs – is in the process of applying to the CSSF for a licence in Luxembourg.
The technology stack includes a proprietary front-end – Aurum – for GPs/LPs, as well as deployment of platforms delivered by LemonEdge, Summa, Deep Pool and Goji. Alchelyst reports strong interest from the market, and has longer term plans to extend its coverage to the U.S.