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News : Irish Last Updated: Apr 24, 2009 - 5:31:05 PM


Hedge funds administrator Citco to cut Irish jobs
By Finfacts Team
Oct 30, 2008 - 6:09:07 AM

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Hedge funds administrator Citco has told employees in Dublin that there would be staff cuts at the firm within the next month.

The Dutch group, has operated from Dublin's International Financial Services centre (IFSC) since 1998 and provides administration services primarily to non-Irish funds.

Citco has 1,000 people employed at its subsidiaries in Dublin and Cork.

Last February, the then Minister for Enterprise, Trade and Employment Micheál Martin TD announced that Citco was to expand its Cork City hedge fund administration operation to take responsibility for a wide range of additional activities. The expansion, supported by IDA Ireland, would create an additional 150 new jobs over the next three years at the Tellengana House, Blackrock Road, Cork City site. The majority of new employees will require a "third level business/accounting or business related qualification, in addition to a high level of computer literacy and communicative skills," according to Martin.

The Irish operation accounts for over 25% of its global workforce, and 22% of its total group assets under administration is serviced from Ireland.

Martin said that Ireland had grown into a globally recognised "centre-of-excellence" in hedge fund administration with over 40 companies servicing approximately 37% of the total global industry from Ireland.Over 9,000 people are employed in the funds administration sector in Ireland.

The global financial crisis will reduce the hedge-fund industry to as little as a third of its current size, the billionaire US investor George Soros said on Tuesday.

"The hedge-fund industry is going to move through a shakeout," Soros, one of the world's highest earning hedge fund managers, said in a speech at the Massachusetts Institute of Technology.

"In my estimation (the industry) will be reduced in size by anywhere between half and two thirds," he said. It was not clear if he was referring to the the number of funds or the amount of money invested in them.

Finfacts Reports:

Hedge Funds falter as big shakeout underway; Over 9,000 employed in administration in Ireland

Citibank Europe's head says Dublin's International Financial Services Centre faces big potential job losses

Ranked by $AUA (Assets under Administration) HF AUA ($bn)
Q3 2007
Q/Q Growth Hedge Funds Average Fund Size ($mm)
Citco Fund Services $ 436.000 5.06% 1515 $ 287.79
HSBC Securities Services $ 228.979 NA 880 $ 260.20
Citi's Hedge Fund Services $ 228.793 4.37% 969 $ 236.11
IFS, A State Street Company $ 208.007 8.86% 390 $ 533.35
Goldman Sachs Administration Services $ 191.000 2.41% NA NA
The Bank of New York Mellon $ 136.200 NA 417 $ 326.62
Fortis $ 125.650 2.76% 982 $ 127.95
CACEIS Investor Services $ 101.030 -3.14% 609 $ 165.89
SS&C Fund Services $ 95.000 11.76% 685 $ 138.69
UBS Global Asset management- Fund Services $ 79.972 14.51% 516 $ 154.98
GlobeOp Financial Services1 $ 66.300 NA 644 $ 102.95
PFPC Worldwide Inc. $ 63.250 -3.36% 477 $ 132.60
Olympia Capital2 $ 46.069 -1.05% 318 $ 144.87
JPMorgan Hedge Fund Services $ 45.016 14.10% 195 $ 230.85
SEI $ 43.000 4.88% 298 $ 144.30
US Bancorp Fund Services, LLC $ 33.257 12.28% 106 $ 313.75
Butterfield Fund Services Limited $ 32.054 -1.19% 364 $ 88.06
NAV Consulting $ 28.000 0.00% 260 $ 107.69
OpHedge Investment Services, LLC $ 27.824 4.46% 19 $ 1,464.44
Custom House Admin & Corp Srvcs $ 26.560 6.23% NA NA
RBC Dexia Investor Services $ 25.391 NA 118 $ 215.18
Harmonic Fund Services $ 24.500 2.08% 40 $ 612.50
Trident Fund Services $ 23.000 9.52% 274 $ 83.94
Spectrum Global Fund Administration $ 23.000 6.98% 97 $ 237.11
Northern Trust $ 18.390 28.60% 119 $ 154.54
Citadel Solutions LLC $ 17.439 13.50% 13 $ 1,341.45
Kaufman Rossin Fund Services, LLC $ 15.444 7.25% 140 $ 110.31
Caledonian Global Fund Services Limited3 $ 15.000 NA 250 $ 60.00
Prime Management Limited $ 14.323 -7.38% 58 $ 246.95
Swiss Financial Services Group $ 14.200 -2.74% 131 $ 108.40
Meridian Fund Services Limited $ 13.500 3.85% 155 $ 87.10
CIBC Bank and Trust Company (Cayman) Limited $ 12.000 20.00% 120 $ 100.00
Equity Fund Services $ 11.000 NA 40 $ 275.00
LaCrosse Global Fund Services $ 10.978 1.88% 35 $ 313.67
AIS Fund Administration $ 10.000 NA 32 $ 312.50
HedgeWorks $ 9.000 20.00% 135 $ 66.67
Dundee Leeds Management Services, Ltd $ 8.500 NA 80 $ 106.25
Viteos Fund Services $ 7.000 NA 90 $ 77.78
Mourant International Finance Administration $ 6.759 5.80% 16 $ 422.43
Michael J. Liccar & Co., P.C. $ 6.672 4.84% 187 $ 35.68
BNP Paribas Securities Services $ 6.145 1.77% 36 $ 170.69
Price Meadows $ 4.300 6.17% 145 $ 29.66
Apex Fund Services Ltd. $ 3.802 28.84% 80 $ 47.53
Pinnacle Fund Administration LLC $ 3.257 4.61% 31 $ 105.08
Conifer Securities LLC $ 3.126 8.86% 68 $ 45.97
Folio Administrators Limited $ 3.081 3.63% 94 $ 32.77
Investment Data Services Group $ 2.220 10.45% 89 $ 24.94
RBC Offshore Fund Managers Limited $ 2.184 4.30% 1 $ 2,184.00
Gemini Fund Services, LLC $ 1.442 1.47% 10 $ 144.16
Banque Privee Edmond de Rothschild Europe $ 1.095 NA 25 $ 43.79
G&S Fund Services $ 0.750 7.14% 26 $ 28.85
Circle Partners $ 0.559 -1.96% 38 $ 14.71
Close Fund Services Limited. $ 0.543 -0.12% 4 $ 135.68
Maitland Fund Services (Pty) Ltd2 $ 0.492 -15.78% 10 $ 49.21
Kingsway Taitz Fund Administration $ 0.266 10.83% 15 $ 17.73
Fortune Administration $ 0.175 25.00% 4 $ 43.75
Praxis Fund Services Limited $ 0.082 275.01% 5 $ 16.39
BDO Simpson Xavier Fund Administration Services Limited $ 0.073 -12.36% 4 $ 18.24
         
Totals $ 2,561.649
 
12,459

Source: HedgeFund.net

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