Citco Open New Premises In Cork

Minister for Enterprise, Trade and Employment Micheál Martin has officially opened the new premises for Citco at Tellengana, Blackrock Road, Cork.

Citco is a global financial services company and a world leading provider of hedge fund services. It has a hedge fund administration operation and a banking and custody services centre at the IFSC in Dublin and a data processing operation in Cork. Its decision to expand the facility in Cork and set up a second hedge fund administration centre, with the support of IDA Ireland, was announced in January of this year. A total of 250 new jobs in hedge fund, custody and support activities will be created. Recruitment is already underway and 60 positions have been filled in recent weeks.

Speaking at the official opening, Minister Martin said: “Ireland has become widely acknowledged by the funds industry as a leading location for the administration of hedge funds, not just for Europe but for the industry globally. Citco has three very successful operations in Ireland and its decision to make an additional substantial investment here further enhances this reputation.

"The company’s decision to expand its business in Cork demonstrates real confidence in our ability to support leading financial services companies, reliant on a specialised skills base. I would like to extend my congratulations to the management and staff of Citco on their continued success in Ireland."

Citco employs over 600 people in Ireland and first set up operations in 1999 in the International Financial Services Centre (IFSC) in Dublin and at the Cork Airport Business Park. The new hedge fund administration centre in Cork has been established to meet the continued growth in demand for Citco’s fund administration and custody services.

(CD)