Citco Fund Services has opened its newest office in San Francisco, California, to meet in response the demands of o the growing number of hedge funds managed out of the northern California city and the West Coast in general.
The new office, which will be located on California Street, will provide full-fledged administration services for hedge fund managers of both onshore and offshore funds. It will be managed by industry veteran Paul Stevenson, who recently joined the firm from Forum Fund Administration in Bermuda. Jay Pellear, head of North American operations for Citco, will directly oversee operations in the San Francisco office.
“We are seeing a large increase in the number of hedge funds based in the San Francisco area, and all along the West Coast,” stated Dre Barten, Marketing Manager and Managing Director of Citco Fund Services in New York City. “We also expect that number to increase dramatically increase in the near future. At Citco, we’ve always put a high level of importance on being close to our customers, and our new San Francisco office will allow us to continue to devote our energy to that philosophymaintain that priority.”
The San Francisconew office will also house part of the team of Citco Fund Advisors LLC. (“CFA”), the advisor for the Richcourt Fund of Funds. The CFA team is managed by Pantelis Apessos, who recently moved from the New York office. CFA is seeing many investment opportunities with West Coast based hedge fund managers for the $1.2 billion in assets under its advisory. CFA already has offices in New York, London, Zurich and Hong Kong.
Citco Fund Services, part of the Citco Group Limited, delivers industry-leading administration services and best-of-breed technology solutions to fund managers. The company already has mainland North American offices in New York and Toronto and employs 120 staff in North America in addition to the new office in San Francisco.