Leading global hedge fund administrator, Citco Group, announced this week that its fund services division – Citco Fund Services – had opened
Leading global hedge fund administrator, Citco Group, announced this week that its fund services division – Citco Fund Services – had opened a new office in Shanghai. The firm already has a global team of over 3,000 professionals supporting hedge funds. This latest push into China suggests that the firm anticipates clear growth in its middle and back office administration services in China and the region as a whole. Citco Fund Services (Shanghai) Ltd currently has 80 staff. The firm said in its official press release that establishing an office in Shanghai provides critical “follow-the-sun” fund processing support and would help expand its service capabilities in the fast-expanding Asian alternative investment market. It follows a strategic partnership that CFS entered into with OpHedge in May 2010 to enhance mid-office services with OpHedge’s Shanghai office providing the leverage for CFS to begin its Asia expansion phase. To that end, former president of OpHedge’s Shanghai office, Jeff Li, has been appointed MD of Citco Fund Services (Shanghai) Ltd. This brings total staff in the region to almost 400 according to William Keunen (pictured), Global Director of the Citco Fund Services Division. They are currently spread across four companies operating out of Hong Kong, Singapore, Sydney and now Shanghai. “The opening of the Shanghai office reinforces the Citco Group of Companies’ commitment to the hedge fund industry in the Far East,” said Keunen, “by supporting our clients across all asset classes, including onshore RMB fund structures.”
