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
| 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
