Constantly increasing hardware parallelism poses more and more challenges to programmers and language designers. One approach to harness the massive parallelism is to move to task-based programming models that rely on runtime systems for dependency analysis and scheduling. Such models generally benefit from the existence of a global address space. This paper presents the parallel memory allocator of the Myrmics runtime system, in which multiple allocator instances organized in a tree hierarchy cooperate to implement a global address space with dynamic region support on distributed memory machines. The Myrmics hierarchical memory allocator is a step towards improved productivity and performance in parallel programming. Productivity is improved through the use of dynamic regions in a global address space, which provide a convenient shared memory abstraction for dynamic and irregular data structures. Performance is improved through scaling on many-core systems without system-wide cache coherency. We evaluate the stand-alone allocator on an MPI-based x86 cluster and find that it scales well for up to 512 worker cores, while it can outperform Unified Parallel C by a factor of 3.7-10.7x.