Citco Fund Services moves into Guernsey

The Citco group of companies operates worldwide, serving funds, institutional banks, some of the world's biggest companies and high-net worth individuals. It employs more than 5,000 staff in more than 40 countries.

It has moved to the island as Citco Fund Services (Guernsey) to take over the fund administration activities of EQT, which is now outsourcing its previously in-house operation to Citco.

It has moved into the company's offices in St Julian's Avenue and taken on 35 staff as part of the deal.

'Onboarding a strategic client in this way is an ideal arrangement for us and sets us off up and running in Guernsey quickly,' said William Keunen, its US-based global director of Citco Fund Services, who visited the island for the company's official opening. 'We're very proud to be able to launch our business in such a substantial way and couldn't have done so without our alliance with our client.'

'This is a very exciting development both for us and for Guernsey.

'There are a number of Guernsey-domiciled and non-Guernsey domiciled funds being serviced here, particularly private equity, and we see a lot of opportunity. We are focused on growing the business.'

Mr Keunen said that the island's reputation in the sector and professional services available made Guernsey particularly attractive.

'It has been for many years and it is certainly worthwhile having a good presence here,' he said.