Fund administrator Citco has launched a new office in Hyderabad, its latest move in an ongoing expansion in India.
The Hyderabad office, which will operate as a Citco Centre of Excellence, plans to hire over 1,200 employees over the next two years, the fund administrator said.
The office will use Citco’s technologies and provide a range of fund administration services for the global alternative investment industry.
The new office is located in Hyderabad’s international technology hub, HITEC City, with Citco expected to move into the new building in Salarpuria Sattva Knowledge City, once construction completes in Q3 next year.
Prior to the completion of the new building, Citco’s Hyderabad team will operate from an incubation site nearby.
Citco’s Centre of Excellence in Hyderabad will provide a range of fund servicing, banking, and technology support functions for Citco and its international client base.
The new team will strengthen Citco’s operations resources across Asia, supporting its other locations in the region including Pune and Mumbai.
The announcement follows a rise in demand from the Asia-based alternative asset sector for asset servicing, administration, banking and governance services. The sector expects significant growth, with privately held assets under management on course to reach $6 trillion by 2025, an increase from $1.7 trillion as of September 2020.
“This as an incredibly exciting opportunity to further cement Citco’s global reputation and reach within the alternative investments sector. 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,” said Amit Verma, general manager at Citco India.
“We are committed to investing in the right people and giving them the right tools to succeed, and we look forward to establishing this world-class Centre of Excellence that will deliver transformative and creative solutions to the industry’s most fundamental challenges.”
The news of Citco’s expansion in India follows the launch of its office in Abu Dhabi Global Market (ADGM), the international finance centre in the United Arab Emirates.