Citco further strengthens its presence in Ireland with two new developments in Cork and the creation of 250 new jobs
Minister for Enterprise, Trade and Employment Micheál Martin TD today (25th January 2006) announced that Citco, the independent global financial services organisation and the world’s leading provider of hedge fund services, is to open a second hedge fund administration centre in Ireland in Cork and is to expand its existing data processing operation in Cork, with the support of IDA Ireland. The two developments will create a total of over 250 new jobs and will offer careers in hedge fund, custody and support activities.
Minister Martin TD said “These two developments will further strengthen Citco’s Irish operation and consolidate the success which the company has achieved to date in both Cork and Dublin. These developments of the company’s activities in Cork will considerably increase the profile of the South-West Region as a location for financial services activities and will further demonstrate its ability to provide the people and support infrastructure required for the success of such operations. Citco are to be congratulated on their success in Ireland to date and their further commitment to this country with the implementation of these developments.”
“Added to yesterday’s announcement by Amgen, this means that over the next few years, 1,350 high quality new jobs will come on stream in the Cork region,” Minister Martin added.
Citco currently employs 600 people in Ireland and has been servicing clients for over six years from three separate operations at its offices in Dublin’s International Financial Services Centre (IFSC) and at the Cork Airport Business Park. The two new developments will be located in a new fully operational office at Tellengana House, Blackrock, Cork, and are being implemented to meet the continued growth in demand for Citco’s fund administration and custody services.
Kieran Conroy, Managing Director of Citco Fund Services (Dublin), commented: “When we commenced operations in 1999, we recognised that Ireland represented a tremendous opportunity to develop our fund administration business, the quality of the workforce is very high and it is well educated and experienced in financial services. The decision to locate in Ireland has been fully vindicated and this expansion into a new location for our fund administration business reflects on our continued commitment to Ireland as a strategic location for our business. We expect to offer challenging and rewarding financial services opportunities to top quality graduates from third level colleges in close proximity to Cork, in addition to candidates with industry experience.”
Nicolaas Hofman, General Manager of Citco Data processing Services Limited, said “Back in 2000, Citco was one of the first organisations within the investment management industry in Ireland to set up an operation outside of Dublin. The decision to choose Cork at that stage has enabled us to achieve our objectives of centralising our back office operations for our brokerage and custody business. Our decision to open in Cork in 2000 created excellent opportunities for graduates and experienced professionals within the industry outside of Dublin.”
Notes to Editor
Citco currently employs 600 people in three separate operations in Ireland:
- (i) Citco Fund Services (Dublin) Ltd (CFSDL) was established in the IFSC in October 1999 and employs over 200 people providing hedge fund administration services;
- (ii) Citco Bank Nederland NV Dublin Branch was established in the IFSC in 1998 and employs almost 100 people providing banking and custody services to funds clients;
- (iii) Citco Data Processing Services Ltd (CDPSL) was established at Cork Airport Business Park in 2000. Currently employing over 300 people, it provides back office, data processing and systems development in support of the business conducted by Citco Bank Nederland NV in Amsterdam, Milan and Dublin.
About Citco Fund Services
Citco Fund Services has over 35 years experience in hedge fund administration and has become the pre-eminent fund administrator in the hedge funds industry, servicing more than 2,000 funds representing net assets exceeding $300 billion. Citco offers full administration service from 11 strategic centers across the Americas, Europe and Australasia, employing 1,450 people worldwide. Core services include accounting and net asset value calculations, investor- related services, as well as corporate and legal services. Citco also provides a straight-through, front-to-back solution for hedge funds.
About Citco Bank
Citco Bank is a recognized world leader in custody and fund trading for financial institutions and fund of funds, offering expertise in the execution, settlement and custody of funds. It has developed a range of services to alleviate clients’ administrative burdens, leaving them free to concentrate on their core business. Citco Bank provides an integrated service platform across banking and custody, tailored to the needs of institutional and fund of funds clients. Citco Bank currently has more than US$150bn assets under custody representing more than 25,000 funds. The company employs 450 people worldwide with offices in The Netherlands, Switzerland, Curacao, Ireland, the Bahamas, Cayman Islands, and Italy.
About Citco Data Processing Services Limited (CDPSL)
CDPSL operates as a service provider to Citco Bank, performing operational activities in support of the brokerage and custody products of the Bank. This will typically involve support in finalising hedge Fund transactions, Corporate Action services relating to the assets held in Custody, as well as reconciling the Banks cash positions. In addition CDPSL is responsible for sourcing the relevant data required to place and settle and these transactions. They are also responsible for maintaining the Client Help desk function.
CDPSL also provides IT support in terms of applications and overall IT infrastructure to the Banking group in Europe, as well as developing bespoke applications in support of the brokerage and custody products.
From its modest beginnings in Cork, and with the growth in business, the total staff number is now in excess of 300 and this is expected to increase by 25% in 2006.
About The Citco Group
Founded over 60 years ago, the Citco Group companies today represent the largest global service provider to hedge funds, administering $300 billion in net assets and over $150 billion in assets under custody for fund of funds and financial institutions around the world. The Citco Group companies also provide the highest quality corporate and private client fiduciary services to multinational companies, financial institutions and their professional advisors.
For more information about The Citco Group visit www.citco.com
For further information, please contact:
Nathalie Dassas, Senior Consultant, Fin International, tel: +33 1 56 58 07 66
Email: n.dassas@fininternational.com
Kieran Conroy, Managing Director, Citco Fund Services (Dublin), tel: + 353 1 636 7300, email:kconroy@citco.com
Scott Case, Managing Director, Citco Bank Nederland N.V. tel: + 353 1 636 7100, email scase@citco.com
Nicolaas Hofman. General Manager, Citco Data Processing Services Limited. Tel: 353 21 432 4884: nhofman@citco.com
For information regarding careers with Citco in Cork, please contact:
Catherine Garrett, Human Resource Manager, Citco Data Processing Services Limited. Tel: +353 21 432 4700
Alan Burke, Human Resources Manager, Citco Fund Services (Dublin) Limited Tel: +353 1 636 7312.
ENDS
ETE 1504
Last modified: 25/01/2006
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