CITCO Fund Services Ltd is to expand its Cork City operation and in doing so create 150 new jobs. The Minister for Enterprise, Trade and Employment Micheál Martin TD announced earlier this week that the company is to expand its hedge fund administration operation to take responsibility for a wide range of additional activities which will create an additional 150 new jobs over the next three years at the its site at Tellengana House, Blackrock Road.

The majority of new employees will require a third level business/accounting or business related qualification, in addition to a high level of computer literacy and communicative skills.

Citco’s Irish operation is a part of The Citco Group, an independent, privately held global financial services organisation comprising international banks, trust and fund services companies. It is the largest global service provider to the international hedge funds industry. The Group currently employs 1,000 people in four operations in Ireland.

Commenting on the expansion, Declan Quilligan, Managing Director of Citco Fund Services Ltd in Ireland said, "Our Irish operations have continued to grow successfully in terms of volume of business handled, servicing capability and industry reputation. We are particularly pleased with the rapid success of the Cork operation at both Citco Fund Services and Citco Bank. This was one of the reasons why we are undertaking this expansion there, which is part of our global strategy to support the increase in business we are winning. Other reasons for choosing Cork include our good experiences there; the support of the people in the region and the confidence from our existing recruitment that we will find the skilled people which the new activities will require."

Cork Chamber Chief Executive, Conor Healy, welcomed the announcement. "This is great news for Cork. It further confirms the attractiveness of the region as a leading global location for growing global financial services companies who have a requirement for top quality graduates and a supportive business environment".

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