Article by William Keunen
One of the world's leading fund administrators has established a new office in Guernsey.
Citco Fund Services in Guernsey will provide outsourced fund administration to the book of business that was previously serviced in-house by private equity manager, EQT.
Citco specialises in alternative funds and principally hedge funds and funds of hedge funds but is hoping to build on its private equity offering through the new Guernsey office.
William Keunen, Global Director of Citco Fund Services, said: "Onboarding a strategic client in this way is an ideal arrangement for us and sets us off up and running in Guernsey quickly. We're very proud to be abler to launch our business in such a substantial way and couldn't have done so without our alliance with our client.
"This is a very exciting development for us and for Guernsey. There is a number of Guernsey domiciled and non-Guernsey domiciled funds being serviced here, particularly private equity and we see a lot of opportunity. We are focused on growing the business."
Kevin Stewart, Guernsey's Commerce and Employment Minister, said: "It's always good to see growth in our economy and new people coming in. I hope Citco find us a jurisdiction where government, industry and regulator work really closely together to make sure that Guernsey has a competitive edge."
The Citco group of companies operates worldwide, serving funds, institutional banks, some of the world's biggest companies and high-net worth individuals. It employs more than 5,000 staff on more than 40 countries.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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