Finance & Capital Market

Citco Group opens office in Abu Dhabi Global Market

The Citco group of companies (Citco) has opened its office in Abu Dhabi Global Market (ADGM) after increasing its assets under administration (AUA) in the region last year by 400% to approximately $125 billion.
 
Citco’s decision to establish a base in ADGM follows a marked rise in calls for asset servicing, administration, banking and governance services from sovereign wealth funds and managers in the Middle East and North Africa (Mena) region last year. 
 
Citco said it will partner with ADGM to create a sustainable, fully-integrated ecosystem for the investment management industry, and provide a platform for the local population to further develop the financial services industry in the UAE.
 
President and COO Roald Smeets said: "Citco has been dedicated to serving the global investment industry for over 50 years, becoming the world’s largest organically-grown asset servicer in alternative investments."
 
"We accomplished this feat with long-term sustainability in mind, a trait mirrored in ADGM’s commitment to further establishing Abu Dhabi as an international financial center through region-wide education and employment programs," he stated.
 
With its rapid expansion across the Mena region, Citco, with over $1 trillion in global AUA and 7,000 staff deployed across 40 countries, is leading the way in providing asset servicing solutions to the global alternative investment industry.
 
To support ADGM’s goal of increasing local employment in the UAE’s financial sector, Citco will:
 
*Source talent for roles in its asset servicing, administration, custody and governance services business lines with local Emiratis;
*Promote training and employment through internships, seminars and educational programs in conjunction with local institutions and providers; and
*Commit to the employment of women in finance and accounting.
 
“Given the significant increase in demand for our solutions in Mena, we felt that there was one clear solution to our need for a regional headquarters – ADGM. We look forward to sustainably and significantly growing our operations in Abu Dhabi in the years to come.”
 
Juma Al Hameli, Senior Executive Director of Strategy and Business Development at ADGM, said: “Our partnership with Citco further demonstrates the strategic importance of ADGM as a leading international financial centre and reinforces our robust commitment to attract the world’s leading corporations to Abu Dhabi’s expansive portfolio of institutions."
 
"As we continue to grow, this symbiotic relationship will enable us to leverage Citco’s global reputation and reach within the alternative investments sector, while providing the financial infrastructure and recruitment opportunities necessary to build a long-term, sustainable hub in the region,” he added.-TradeArabia News Service