The Citco group of companies (“Citco”), the global alternative investment assets servicer with $1.5 trillion in assets under administration, has announced the launch of a new office in Hyderabad as part of its ongoing expansion in India.
The Hyderabad office plans to hire more than 1,200 employees over the next two years and will operate as a Citco Centre of Excellence, utilising Citco’s own state of the art technologies and providing a range of fund administration services for the global alternative investment industry.
The new office is located in HITEC City, Hyderabad’s international technology hub, with Citco set to move into the new state of the art building in Salarpuria Sattva Knowledge City once construction completes in Q3 2022.
Knowledge City is one of Asia’s largest technology campuses, home to a range of blue-chip technology companies, and there are also a growing number of leading, global financial institutions establishing themselves in the region.
Citco’s Hyderabad team will operate from a nearby incubation site prior to the completion of the new building.
Citco’s Hyderabad Centre of Excellence will provide a range of fund servicing, banking, and technology support functions for Citco and its international client base.
The team based there will provide specialist technology support, helping asset managers to operate more efficiently and effectively via Citco’s portfolio of award-winning proprietary technologies.
The new team will also strengthen the resources of Citco’s operations across Asia, helping to support Citco’s other locations in the region which include Pune and Mumbai.
The announcement follows a marked rise in demand for asset servicing, administration, banking and governance services from the Asia-based alternative asset sector.
The sector is set to experience significant growth in the coming years, with privately held assets under management on course to reach $6 trillion by 2025, up from $1.7 trillion as of September 2020.
Jay Peller, Head of Fund Services at Citco, said, “The launch of our new Centre of Excellence in Hyderabad ensures we are well-positioned to support the growth of the region, amid the significant demand we continue to see for our fully integrated ecosystem of bespoke technologies and white-glove, specialist asset services, “
He added, “With this state-of-the-art, high-spec campus as our new regional base, we look forward to significantly and sustainably growing our team in India, and as a result, developing new solutions to enable alternative investment managers in the region and elsewhere to scale effectively and efficiently.”
Amit Verma, General Manager at Citco (India), said, “This as an incredibly exciting opportunity to further cement Citco’s global reputation and reach within the alternative investments sector. Hyderabad has emerged as an internationally recognised technology hub, and with this new office we have access to a growing base of agile, skilled technology talent,”
He added, “We are committed to investing in the right people and giving them the right tools to succeed, and we look forward to establishing this world-class Centre of Excellence that will deliver transformative and creative solutions to the industry’s most fundamental challenges.”
Citco’s expansion in India follows the launch of its office in ADGM, the award-winning international finance centre in the United Arab Emirates, in January.
With over 9,000 staff deployed across 40 countries, Citco is leading the way in providing asset servicing solutions to the global alternative investment industry.
Citco offers a full suite of middle office and back-office services, including treasury and loan handling, daily NAV calculations and investor services, corporate services, regulatory and risk reporting, banking solutions, and tax and financial reporting services.
