Pivoting from his accounting background into the world of fund management proved to be a smart choice for Cork-born Martin O’Regan. It has led to an interesting career that has taken him around the world and positioned him well for his role leading a niche business that provides independent directorship for global fund management companies from his base in Singapore.
O’Regan, the youngest of seven children, qualified as an accounting technician in his native city before moving to a job in Dublin and taking his CPA qualifications. “Dublin was being heavily promoted as a fund centre in the 1990s, with the growth of the IFSC, and relatively few people were going into it, so I decided that was a good area to move into and I found the work interesting.”
It also provided a platform for a global career and O’Regan found himself working in Bermuda in the early Noughties as an account manager managing a team of supervisors and fund accountants. Further moves took him to Cayman, Hong Kong and Dubai, working for global firms such as UBS and Deutsche Bank among others, all the while building his expertise and Rolodex of contacts in global financial services.
“I was willing to work hard in these roles, was prepared to move, could do the job and could assimilate into different environments and work with different cultures,” he says. “Irish people tend to be good at that.”
O’Regan settled in Singapore, where he gained permanent residency. This allowed him to set up his business, Solas Fiduciary Services in 2016. The 10-strong firm provides directorship services for hedge funds, private equity funds, fintech and real estate funds, covering jurisdictions including Cayman, Bermuda, Dublin, Luxembourg, Singapore and Hong Kong.
Hong Kong is great when you are single, but Singapore is better when you are married with children. The infrastructure is a lot better than Kong Hong
O’Regan says the range of experience and contacts he and his colleagues have adds real value for clients as they can pick up the phone and talk to people in various parts of the world if issues arise.
It’s a niche area and one that was underdeveloped in Asia until recent years. “I saw a gap in the market, and we’ve become the biggest pure play player in this area in Asia,” he says. “When I was looking for a name for my business, I asked my nephew, who is a lecturer in Irish, if he could come up with a Gaelic name. He came up with Solas, pointing out that Solas doesn’t just mean light, it can also mean ‘guiding beacon’.”
O’Regan, his wife and their 12-year-old daughter live in a condo in Singapore. Having also lived in Hong Kong, he says where he lives now better suits his circumstances.
“Hong Kong is great when you are single, but Singapore is better when you are married with children. The infrastructure is a lot better than Kong Hong. The condos have pools and tennis courts. It’s more relaxed pace and families do better here.
“There are more schools, and it is very safe. My daughter has been getting the bus to school on her own since the age of eight, which is normal here, as nobody will bother you.”
The rule of law in Singapore is very strong, with a “no-tolerance” approach to crime and bad behaviour, he adds. “You’ll get a year in jail if you are involved in a drunken brawl, so people don’t step out of line like that. And If you steal someone’s credit card and use it, you’ll get two years in prison. It’s very safe, therefore, especially for families.”
There is a strong Irish community in Singapore, estimated to be 6,000 strong. St Patrick’s Day is celebrated enthusiastically and O’Regan is an active member of the Irish Chamber of Commerce there. He also works with Irish State agencies on both the inward and outbound sides, as he says.
“If Enterprise Ireland is bringing firms out of Ireland to try to crack the market in this part of the world, into Asia, I will help with advice and contacts whenever I can. Equally if there are Asian firms looking to invest into Ireland, I also help the IDA in a similar way.”
Singapore is a cultural melting pot. Street signs in Mandarin, Malay, Indian and English provide a constant reminder. The local food scene is similarly eclectic. While O’Regan enjoys the cuisine, he admits he hankers for “a good hearty stew, like you’d get back home”.
“I go home every July for a month. I get asked what food I miss, and will I ever come home. I think when you go home you think back to when you were younger and whatever made you happy, like your mother’s home cooking.
“Ireland is also one of the places where people like to enjoy themselves and don’t take themselves too seriously. I miss the banter and the sarcasm you get in Ireland.”
