Citco's new Financial Products subsidiary has taken on a deal to establish a full range of credit facilities for the Harcourt funds of hedge funds.

Gilbert Grosjean, Global Head of Financial Products for Citco said: 'Citco Financial Products is the newly formed entity inside the Citco Group whose mission is to offer a full range of financial services that go from working capital and leverage facilities to FX hedging and total return swaps for Citco clients. CFP has proven that, even though it is a quite young entity, it is able to execute very large and complex transactions.'

Harcourt, a long time client of Citco for custody and administration, has taken on the the new value added service that Citco has launched with a view to becoming a 'one stop shop' hedge fund service provider.

Frederic Berney, Partner and Chief Risk Officer, Harcourt, said: 'We are delighted about our new Citco set-up. The integrated approach is a substantial added value for our back office, while at the same time we reduce our operational risk. The professionalism and competence of the CFP team enables us to plan and optimize all the financial needs of our funds."