US finance giant to create 250 jobs

AN AMERICAN financial services company is to create 250 jobs in Cork, the second jobs boost for the area in two days.

Citco, which already employs 600 people in Dublin and Cork, will add the new jobs over the next couple of years.

The company will open a second hedge fund administration centre and expand its existing data processing operation.

The Citco expansion comes just a day after US biopharmaceutical company Amgen announced that it planned to create 1,100 jobs in an €800 million facility at Carrigtwohill.

Citco has been in Ireland for seven years, with three separate operations at its offices in Dublin’s International Financial Services Centre (IFSC) and at the Cork Airport Business Park.

The two new developments will be located in a new office at Tellengana House, Blackrock, Cork, and are being implemented to meet the continued growth in demand for Citco’s fund administration and custody services.

Citco was one of the first organisations within the investment management industry in Ireland to set up an operation outside of Dublin.

“When we commenced operations in 1999, we recognised that Ireland represented a tremendous opportunity to develop our fund administration business, the quality of the workforce is very high and it is well-educated and experienced in financial services,” said Citco managing director Kieran Conroy.

“The decision to locate in Ireland has been fully vindicated and this expansion into a new location for our fund administration business reflects on our continued commitment to Ireland as a strategic location for our business.

“We expect to offer challenging and rewarding financial services opportunities to top quality graduates from third level colleges in close proximity to Cork, in addition to candidates with industry experience.”

The expansion by Citco, which is being backed by the IDA, was welcomed yesterday by Enterprise, Trade and Employment minister Micheál Martin.

“These developments of the company’s activities in Cork will considerably increase the profile of the south-west region as a location for financial services activities and will further demonstrate its ability to provide the people and support infrastructure required for the success of such operations,” Mr Martin said.

Around 300 people are employed by Citco in Dublin, with the rest employed at Cork Airport Business Park.

The Citco Group is one of the largest hedge fund services companies.

It administers $300bn (€244 billion) in net assets and over $150bn (€122bn) in assets under custody for financial institutions around the world.