Citco Expands Operations To Guernsey

by Philip Morton, Investors Offshore.com

25 June 2007

It emerged on Thursday that hedge fund service provider, Citco Fund Services has been licensed by the Guernsey Financial Services Commission (GFSC) to provide fund administration services on the Island.

Peter Niven, Chief Executive of GuernseyFinance – the promotional agency for the Island’s finance industry, observed that:

“The decision by such a world-renowned hedge fund services provider as Citco to establish a presence in Guernsey is a real boost for the Island’s funds offering: on the one hand, it is an endorsement of the existing environment which is attracting record flows of business and on the other, it adds yet another facet to our administrative capabilities that should prove particularly attractive to promoters and sponsors.”

Citco currently administers more than 2,000 funds with net assets in excess of $500bn, including five of the world’s ten largest hedge funds.

The addition of Guernsey to the Citco service offering reflects the increasing importance of the Island as a domicile for investment funds, the Island's authorities have suggested.

“Guernsey is an established fund domicile with an internationally recognised but pragmatic regulatory environment which we believe will continue to make it a jurisdiction of choice for many funds and funds of funds operators,” observed William Keunen, Director of Citco Fund Services.

Recommended