The Citco Group of Companies, the provider of hedge fund services announces a major new commitment in the Far East with the opening of new offices in the Changi district of Singapore.
The Citco Group first established a Fund Services office in Singapore in May 2007 and has already hired 100 staff as part of its strategic expansion in the region. The addition of 45,000 sq ft of office space will enable the Citco Group to realise its ambitions within the region very quickly. The Singapore office will continue to serve the Groups growing list of clients in the Far East and support its global fund administration business on a follow-the-sun basis. It has imported talent from its offices around the globe to support this initiative to ensure that standards are consistently maintained and service levels are exceeded.
“We are proud to be expanding our business so significantly in the Far East,” says William Keunen, director of the Citco Groups fund services division. “Our investment in Singapore demonstrates our commitment to the region and recognition of Singapore as a major hub for fund activities.”
Singapore is recognized as a major financial services centre in Asia with a growing presence of Hedge Funds and Industry participants. Located at the heart of Asia, it is an ideal base to service the Asia Pacific region which lies within a seven-hour flight radius. Besides having a strategic geographical location and good air connections, the relative ease of setting up businesses, the cost-competitive environment, and the transparent tax and regulatory regimes are cited as the main attractions of starting up a fund management business in Singapore.
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