| Citco has announced that it will recruit an additional 150 staff over the next three years in its Cork office. |
Citco’s hedge fund administration operation in Cork will be expanded to take responsibility for a range of additional activities, creating 150 new jobs over the next three years.
The majority of new employees at the firm’s Cork base, Tellengana House, will require a third level business/accounting or business related qualification, in addition to a high level of computer literacy and communicative skills.
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. The Cork office 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 to accommodate the new activities and an in-house data centre.
The expansion was announced by Minister for Enterprise, Trade and Employment Miche?l Martin TD, and is supported by IDA Ireland. Minister Martin said, ‘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 per cent of its global workforce, and 22 per cent 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.’
Declan Quilligan, managing director of Citco Fund Services Ltd in Ireland, said, ‘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 operation at both Citco Fund Services and Citco Bank. This was one of the reasons why we are undertaking this expansion there. 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.’
Citco’s Irish operation is a part of The Citco Group, the largest global service provider to the international hedge funds industry. The Group currently employs 1,000 people in four operations in Ireland. |
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