Source : Business Times - 25 Sep 2008
UNDETERRED by the US financial fallout, The Citco Group of Companies has announced a major expansion in Singapore, with a view to using the Republic as a hub for its business in the Far East region.
It is adding 45,000 square feet of office space for its hedge fund administration services in Singapore. It is also seeking to create 400 new jobs here.
The group will continue to use its office here to serve its clients in the Far East and support its global fund administration businesses.
The global provider of hedge fund services first set up a Fund Services office in Singapore in May last year and has since hired 100 staff as part of its strategic expansion in the region.
It said it has transferred talent from its offices around the world to support this initiative. Citco Fund Services forms the largest independent administration of hedge funds in the world, with 16 offices worldwide.
It provides full service administration to more than 2,000 hedge funds with total net assets of over US$700 billion. Such services include accounting and net asset value calculation services, set-up advice, legal and corporate services, investor relations and transfer agency services. William Keunen, director of the Citco Group’s Fund Services division, said the group’s investment in Singapore signals its commitment to the region.
Singapore is recognised as a major hub for fund activities given its geographical location, good air connections, relative ease of setting up businesses, cost competitiveness, and transparent tax and regulatory regimes, he added.
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