Global hedge fund administrator, UK-based Citco, has forayed into the city by setting up its new office that will hire over 1,200 employees over the next two years. In India, Citco has a presence in Pune and Mumbai.
The move is likely to give a major boost to Andhra’s financial sector. Citco is the global alternative investment assets servicer with $1.5 trillion in assets under administration.
According to the company, the Hyderabad office will operate as a centre of excellence (CoE) providing a range of fund servicing, banking, and technology support functions for Citco and its international client base.
Currently, the company’s new office is located in HiTeC City and it will move into the Salarpuria Sattva Knowledge City office once construction completes in Q3FY22.
Commenting on the launch, Jay Peller, head of fund services at Citco, said, “With this 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.”
Amit Verma, general manager at Citco (India) said, “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.”
With over 9,000 staff across 40 countries, 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.