Citco opens second Irish office to service growth in hedge fund services

Citco is opening a new fully operational office in Cork, to meet the continued growth in demand for its fund administration and custody services.

Citco has been servicing clients in Ireland for over 6 years from both Dublin (IFSC) and Cork and currently employs 600 people. Citco's new office in Cork is located at Tellengana House, Blackrock and will accommodate a further 250 staff from 1 April 2006.

Kieran Conroy, Managing Director of Citco Fund Services (Dublin) commented: 'When we commenced operations in 1999, we recognised the Irish market as a tremendous opportunity to develop our fund administration business: the quality of the workforce is very high, 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.'

Conroy said: 'Expanding into Cork enables us to offer challenging and rewarding financial services opportunities to a highly skilled pool of candidates from Cork and the surrounding areas. We expect to offer those opportunities to top quality graduates from third level colleges in close proximity to Cork in addition to candidates with industry experience originating from the area and who are looking to work closer to home.'

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.'

He added: 'From an initial headcount of 50 staff, Citco Data Processing Services Limited (CDPSL) has grown to an organisation that employs in excess of 300 staff. This growth has, in the main, been achieved through local recruitment and by experienced staff returning to Cork. We offer careers in the hedge fund custody and related IT support and development activities. The co-location of Citco Fund Services with Citco Bank and CDPSL in Cork will ensure an even greater variety in terms of career prospects to existing employees, both in Dublin and Cork and for graduates interested in a career in this exciting and expanding industry'

For more fund servicing details in Ireland, please click here

For the Hedgeweek Report on Dublin Hedge Fund Services, please click here

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