NEW YORK--(BUSINESS WIRE)--The Citco group of companies (Citco) has opened offices this month in Abu Dhabi Global Market (ADGM), the award-winning international finance center in the United Arab Emirates, 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 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.
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.
Roald Smeets, President and COO of The Citco Group Limited, 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.
“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 MENA region.”
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. Offering 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, Citco is dedicated to supporting the needs of investors in the region.
Notes to Editors
About the Citco group of companies (Citco)
The Citco group of companies (Citco) is a network of independent companies worldwide. These companies are leading providers of asset servicing solutions to the global alternative investment industry. With over $1 trillion in assets under administration and 7,000 staff deployed across 40 countries, Citco’s unique culture of innovation and client-driven solutions have provided Citco’s clients with a trusted partner for more than four decades. Having grown organically into one of the largest asset servicers in the industry, Citco’s Fund Services companies offer a full suite of middle office and back office services including, treasury and loan handling, daily NAV calculations and investor services, corporate and legal services, regulatory and risk reporting as well as tax and financial reporting services. Investing heavily in innovation and technology whilst further developing its current suite of client friendly solutions, Citco will continue into the future as a flagbearer for the asset servicing industry.
About Abu Dhabi Global Market (ADGM)
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015.
Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global trade and business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths panning over private banking, wealth management, asset management, derivatives and commodities trading, financial innovation, sustainability and more. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs the entire 114 hectares (1.14sqkm) of Al Maryah Island which is a designated financial free zone.