Citco sale to be completed in days

The sale of Cork-based Citco to Clearstream for roughly €50m is expected to be completed over the next couple of days, the Irish Examiner has learned.

The Citco operation in Cork currently employs 300 people who will become employees of Clearstream, which is a subsidiary of Deutsche Borse, the German stock exchange.

Citco currently provides support for over 2,000 funds with net assets in excess of €740bn. Altogether the company employs 1,000 people in Ireland between its Dublin and Cork sites. Clearstream is only acquiring the Cork office.