The Citco Group of Companies is set to expand in India, and has opened a new office in Hyderabad as part of this plan. This new facility will serve as a Centre of Excellence (COE) for the global alternative investment assets service company. It will add about 1,200 more people to its team at Hyderabad by 2023.
This Hyderabad facility will offer fund administration services for the international alternative investment industry, covering fund servicing, banking and technology-support functions for Citco and its global client base. The new Hyderabad team will lend technological support to all asset managers to improve their efficiency and also help smoothen support operations in the Asia region, via its Pune and Mumbai offices.
The new office in Salarpuria Sattva Knowledge City will sit alongside other multination tech firms. Work at the office is expected to be completed by quarter three of 2022. Till then, teams will continue to work from nearby incubation areas.
The upcoming COE in Hyderabad will ensure that the Company is equipped to support the growth of the region, amid the rising demand for Citco’s “fully-integrated ecosystem of bespoke technologies and white-glove, specialist asset services”. Jay Peller, head of fund services, Citco says, “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.”
The move to set up a new team at Hyderabad has come based on the increase in demand for asset servicing, administration, banking and governance services from the Asia-based alternative asset sector. The sector is expected to grow more in the near future as per the Company.
Amit Verma, general manager, Citco India admits that “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.” This is the right opportunity for Citco to build a stronger presence and reach within the alternative investments sector. “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 COE that will deliver transformative and creative solutions to the industry’s most fundamental challenges,” adds Verma.
Citco employs has more than 9000 employees globally and has presence in more than 40 countries.