Fund administrator Citco is to open an office in Abu Dhabi to capitalise on the growth of its business in the region.
Assets under administration in Mena rose by 400% in 2020 to exceed US$150 billion amid an increase in demand for asset servicing among local sovereign wealth funds and fund managers.
The office will be based in the Abu Dhabi Global Market (ADGM).
Citco has stated that it will look to local talent to fill many of its roles in keeping with the ADGM’s goal of increasing local employment in the financial services sector. Furthermore, Citco will also seek to employ more women, in line with another of ADGM’s goals to increase gender diversity in accounting and finance.
“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,” said Roald Smeets, president and chief operating officer at Citco.
“We look forward to sustainably and significantly growing our operations in Abu Dhabi in the years to come.”
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