Citco Fund Services Announces Irish Expansion

by Carla Johnson, Investors Offshore.com, London

19 February 2008

Ireland's Minister for Enterprise, Trade and Employment, Micheál Martin TD this week announced that Citco Fund Services (Dublin) Ltd. is to expand its Cork City hedge fund administration operation to take responsibility for a wide range of additional activities.

The expansion, supported by IDA Ireland, will create an additional 150 new jobs over the next three years at the Cork City site.

Citco’s Irish operation is a part of The Citco Group, an independent, privately held global financial services organisation comprising international banks, trust and fund services companies. It is the largest global service provider to the international hedge funds industry. The Group currently employs 1,000 people in four operations in Ireland.

Minister Martin stated that: “Citco is a renowned global provider to the fund administration sector. It has a high level of commitment to its Irish operation, which accounts for over 25% of its global workforce, and 22% of its total group assets under administration is serviced from Ireland. The success of the Irish operation was one of the main factors in Cork winning this investment and I congratulate the Irish management and workforce for their efforts which have achieved this outcome."

"Citco’s expansion in Cork will further enhance the rapidly developing international financial services cluster in Munster.”

The Cork operation, as a result of this expansion, will become further embedded in Citco’s global business as a key strategic facility, with responsibility for servicing the UK market. It was established in December 2005 as the company’s second hedge fund administration centre in Ireland and currently employs 145 people.

Citco has leased additional space in its building to accommodate the new activities and an in-house data centre.

Ireland has grown into a globally recognised centre-of-excellence in hedge fund administration, with over 40 companies servicing approximately 37% of the total global industry from Ireland. Over 9,000 people are employed in the funds administration sector in Ireland.

Declan Quilligan, Managing Director of Citco Fund Services Ltd in Ireland, announced that:

“Our Irish operations have continued to grow successfully in terms of volume of business handled, servicing capability and industry reputation. We are particularly pleased with the rapid success of the Cork operations at both Citco Fund Services and Citco Bank. This was one of the reasons why we are undertaking this expansion there, which is part of our global strategy to support the increase in business we are winning."

He continued: "Other reasons for choosing Cork include our good experiences there; the support of the people in the region and the confidence from our existing recruitment that we will find the skilled people which the new activities will require.”

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