Citco Poised To Create 250 New Jobs

Independent global financial services organisation Citco, one of the world’s leading providers of hedge fund services, is to open a second administration centre and expand its existing data processing operation in Cork.

Attracting support of IDA Ireland, the two developments will create a total of over 250 new jobs and will offer careers in hedge fund, custody and support activities.

Minister for Enterprise, Trade and Employment Micheál Martin said: “These two developments will further strengthen Citco’s Irish operation and consolidate the success which the company has achieved to date in both Cork and Dublin."

The Minister added: "Citco are to be congratulated on their success in Ireland to date and their further commitment to this country with the implementation of these developments.”

Kieran Conroy, Managing Director of Citco Fund Services (Dublin), commented: “When we commenced operations in 1999, we recognised that Ireland represented a tremendous opportunity to develop our fund administration business, the quality of the workforce is very high and 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. We expect to offer challenging and rewarding financial services opportunities to top quality graduates from third level colleges in close proximity to Cork, in addition to candidates with industry experience.”

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.”

Citco currently employs 600 people in Ireland and has been providing services to clients for over six years from three separate operations at its offices in Dublin’s International Financial Services Centre (IFSC) and at the Cork Airport Business Park.

The two new developments will be located in a new fully operational office at Tellengana House, Blackrock, Cork, and are being implemented to meet the continued growth in demand for Citco’s fund administration and custody services.

(SP)