Citco Fund Services is set to make redundancies at its Bahamas operations, Global Custodian understands, but the fund administrator will continue to hold a license to operate in the jurisdiction.
Citco spokesperson Jonathan Gasthalter told Global Custodian that the administrator is reorganizing the Bahamas office to “improve operational effectiveness” by moving most functions that are carried out in the jurisdiction to other parts of the world over the coming months.
He added that the company will continue to operate on the island, and will continue to maintain its fund administration license.
It is understood the redundancies are part of the reorganization.
In addition to the Bahamas, Citcos other Caribbean locations are Cayman Island, Bermuda and Barbados. It is understood that operations in these locations will not be affected.
(JDC)