Expansion of Citco tocreate 150 new jobs in Cork

A hedge fund administration operation in Cork city is set to expand over the next three years with the creation of 150 new jobs.

The Citco Group already employs 145 people in Cork. The new jobs at the Tellengana House, Blackrock Road site in Cork city will bring to 1,150 the number of people employed in Ireland by Citco.

The Cork office was established in December 2005 as the company's second hedge fund administration centre in Ireland. Citco has leased additional space in its building to accommodate the new activities and an in-house data centre.

Citco, which has its headquarters in the Cayman Islands, set up a division in Dublin in 1999.

The Citco Group is a worldwide group of independent financial service providers, comprised of international banks, trust and fund services companies. It is the largest global service provider to the international hedge funds industry, administering more than 2,000 funds with net assets of over $650 billion.

Announcing the jobs boost, Minister for Enterprise, Trade and Employment Micheál Martin said Citco's expansion in Cork would enhance the rapidly-developing international financial services cluster in Munster.

"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."

Declan Quilligan, managing director of Citco Fund Services Ltd in Ireland, said the Irish operation was continuing to grow in terms of volume of business handled, servicing capability and industry reputation.

He said Cork was chosen as an area for expansion because of the company's positive experiences on the ground and the support of the people in the area.

Meanwhile, Cork Chamber of Commerce chief executive Conor Healy welcomed yesterday's announcement of further investment by Citco. "This is great news for Cork. This investment is proof of the success of the company's operation in Cork."

Mr Healy went on to congratulate Citco's management and staff at their facilities at Cork Business Park and Blackrock, and wished them every success with the planned expansion.

The expansion is being supported by IDA Ireland.

The majority of new employees will require a third-level business/accounting or business-related qualification in addition to a high level of computer literacy and communicative skills.

Ireland has grown into a globally-recognised, centre-of-excellence in hedge fund administration with over 40 companies servicing 37 per cent of the total global industry from Ireland.

Over 9,000 people are employed in the funds administration sector in Ireland.