- $1.8 trillion asset-servicer to establish an office in Mayagüez;
- Looking to recruit professionals over the next three years;
- Fund Accounting, Reconciliations, and Investor Relations roles available.
MAYAGÜEZ, Puerto Rico–(BUSINESS WIRE)–The Citco group of companies (Citco), a global leader in alternative finance, has chosen Mayagüez as its latest base for a client support center – the first of its kind on the west coast, which will help to establish Puerto Rico as a talent-base for institutional financial companies.
Citco has over $1.8 trillion in Assets under Administration (AuA) and offers a full suite of middle-office and back-office services to alternative investment companies across the globe. These services include treasury and loan handling, daily NAV calculations and investor services, corporate services, regulatory and risk reporting, banking solutions, and tax and financial reporting services, among others.
Working closely with Invest Puerto Rico (InvestPR) and the Department of Economic Development and Commerce (DEDC), Citco has chosen Puerto Rico as its latest base due to its broad availability of educated professionals in the financial sector. This follows its success in opening offices in 36 countries worldwide, which have created thousands of jobs and significant investment in many jurisdictions.
Citco is seeking graduates and professionals with prior experience to fill roles in Fund Accounting and Reconciliations initially, with roles in Investor Relations to follow. Interested applicants are encouraged to contact [email protected].
Its state-of-the-art office in Mayagüez will open by 2024, and currently, the company has commenced the process of evaluating and selecting its initial cohort of 15-20 hires, with Citco expecting to ramp up its local operation within the first three years. The Mayagüez office is undergoing renovations and will be led by Colin Johnson, Senior Vice President of Operations, Citco (Puerto Rico), LLC, who has been with Citco for over 13 years.
“Citco has become the world’s largest, organically grown asset-servicer in alternative investments through serving the global investment industry for over 50 years,” said Roald Smeets, President and Chief Operations Officer of Citco. “Our significant growth in recent years has always been with long-term sustainability in mind; this is why we have chosen Puerto Rico as our latest base due to the island’s broad pool of talented, dedicated financial professionals. In time, we hope to make an investment into the local economy through education and employment programs, significantly growing our operations in Puerto Rico.”
For her part, Ella Woger-Nieves, Chief Executive Officer of InvestPR, said: “With Citco’s Puerto Rico footprint, our island is now home to one of the world’s foremost asset servicers in alternative investments. The message is clear: Puerto Rico has a talented pool of human capital that supports forward-looking organizations like Citco, and we are excited to welcome them as part of Puerto Rico’s business ecosystem.”
The Secretary of DEDC, Manuel Cidre, added: “This news further cements the island’s reputation as a valuable investment destination supporting regional growth. Puerto Rico is proud to partner with Citco as they move forward with their plans on the island and expand their world-class operations to Puerto Rico.”
–ENDS–
About 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 $1.8 trillion in assets under administration and operations spanning 36 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 while further developing its current suite of client-friendly solutions, Citco will continue into the future as a flagbearer for the asset-servicing industry.
About Invest Puerto Rico
Invest Puerto Rico is the economic development organization created by law with the purpose of promoting Puerto Rico abroad as a competitive jurisdiction for investment, focused on attracting new businesses and capital to foster economic growth on the Island. Our vision is to be a transformational and results-oriented accelerator of economic development for the island. Learn more at www.investpr.org.
Contacts
Media Contacts:
[email protected]
Victoria Hayns / Bryn Woodward / Vivian Lai at Instinctif Partners
+44 020 7457 2020
[email protected]
Christian Ramos, InvestPR’s Communications Manager
787-685-6089
