British Virgin island group well-positioned to support regional asset growths
The British Virgin Island-headquartered Citco group of companies, the global alternative investment assets servicer with US$1.5 trillion in assets under administration, has announced plans to hire more than 1,200 employees over the next two years as part of its ongoing expansion in India for providing fund services, banking and technology support from its recently launched Hyderabad office.
The Hyderabad office will operate as a Citco Centre of Excellence, utilising Citco’s own state of the art technologies and providing a range of fund administration services for the global alternative investment industry.
The Hyderabad Centre of Excellence will provide a range of fund servicing, banking and technology support functions for Citco and its international client base. Its team will provide specialist technology support, helping asset managers to operate more efficiently and effectively via Citco’s portfolio of award-winning proprietary technologies. The new team will also strengthen the resources of Citco’s operations across Asia, helping to support Citco’s other locations in the region which include Pune and Mumbai.
The announcement follows a marked rise in demand for asset servicing, administration, banking and governance services from the Asia-based alternative asset sector. The sector is set to experience significant growth in the coming years, with privately held assets under management on course to reach US$6 trillion by 2025, up from US$1.7 trillion as of September 2020.
“The launch of our new Centre of Excellence in Hyderabad ensures we are well-positioned to support the growth of the region, amid the significant demand we continue to see for our fully-integrated ecosystem of bespoke technologies and white-glove, specialist asset services,” Jay Peller, Head of Fund Services at Citco, said in a release on 31 Aug 2021 from London.
“With this state-of-the-art, high-spec campus as our new regional base, we look forward to significantly and sustainably growing our team in India, and as a result, developing new solutions to enable alternative investment managers in the region and elsewhere to scale effectively and efficiently,” Peller said.
“This is an incredibly exciting opportunity to further cement Citco’s global reputation and reach within the alternative investments sector. Hyderabad has emerged as an internationally recognised technology hub, and with this new office we have access to a growing base of agile, skilled technology talent,” said Amit Verma, General Manager at Citco (India).
“We are committed to investing in the right people and giving them the right tools to succeed, and we look forward to establishing this world-class Centre of Excellence that will deliver transformative and creative solutions to the industry’s most fundamental challenges.”
Citco’s expansion in India follows the launch of its office in ADGM, the award-winning international finance centre in the United Arab Emirates, in January 2021.
Founded in 1948, Citco is the world’s largest hedge fund administrator. With over 9,000 staff deployed across 40 countries, Citco is leading the way in providing asset servicing solutions to the global alternative investment industry. Citco offers a full suite of middle office and back office services, including treasury and loan handling, daily NAV calculations and investor services, corporate services, regulatory and risk reporting, banking solutions, and tax and financial reporting services. #investment #banking #finance #technology /fiinews.com
