Citco Doubles AUA in Middle East to $250bn

(BUSINESS WIRE) -- The Citco group of companies (Citco), the leading asset-servicer to the alternative investment sector, today announced a significant milestone for its Middle East operations, having doubled its assets under administration (AuA) to $250bn over the last three years.

Citco, which administers assets on behalf of a wide range of institutional, hedge fund, and private market clients in the region, opened its offices in Abu Dhabi Global Market (ADGM) – the award-winning international finance center in the United Arab Emirates – in 2021 amid a surge in demand for administrative services. This impressive growth over the last three years reflects the increasing importance of the region in the global financial landscape, as well as underscores Citco's ability to meet the evolving needs of its diverse client base.

The expansion is driven by several key factors, including a shift towards outsourcing by regional funds, and an influx of new funds seeking access to capital. Financial centers in the Middle East also boast innovative regulatory environments that promote business-friendly policies – including low taxes and incentives to attract international talent – which has meant that the region has positioned itself as a strategic bridge between East and West.

"We are thrilled to announce this significant milestone in our Middle East operations," said Junior Damianidis, Head of Operations - Institutional Services, Citco Middle East Limited. "Doubling our AuA since the opening of our ADGM offices in 2021 is a testament to the region's dynamic and prosperous financial landscape, as well as Citco's industry-leading asset servicing expertise, world class technology, and our unwavering commitment to supporting alternative asset managers and asset owners.”

Ziad Chaaban, Managing Director, Citco Middle East Limited, said “Citco's expansion in the Middle East aligns with the region's growing sophistication when it comes to alternative assets, as well as a desire by funds to access capital from a wider investor base around the world. As countries in the Middle East continue to evolve as key players in the global financial landscape, Citco remains committed to providing world-class asset servicing solutions to the alternative investment industry – and we are thrilled to be part of its growth and diversification efforts.”

Citco offers a comprehensive suite of middle and back-office services, including treasury and loan handling, daily NAV calculations, investor services, corporate services, regulatory and risk reporting, banking solutions, and tax and financial reporting services. With over $2 trillion in AuA, Citco continues to lead the way in providing innovative solutions to the alternative investment sector globally.

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 $2 trillion in assets under administration and operations spanning across 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 whilst further developing its current suite of client-friendly solutions, Citco will continue into the future as a flagbearer for the asset-servicing industry.

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