Citco Surpasses $250 Billion in Assets Under Administration

In a notable development, Citco, has announced a significant leap in its operations within the Middle East. Over the past three years, Citco has seen its assets under administration (AuA) in the region soar to $250 billion. This remarkable growth is reflective of Citco's formidable presence in the alternative investment sector, servicing a diverse clientele that includes institutional investors, hedge funds, and private market clients.

Citco's strategic expansion in the Middle East, particularly with the establishment of its offices in the Abu Dhabi Global Market (ADGM) in 2021, has been instrumental in this growth. The ADGM is renowned as a pioneering international finance center in the United Arab Emirates. Citco's growth underscore the Middle East's escalating role in the global financial ecosystem and Citco's adeptness at meeting the evolving needs of its wide-ranging client base.

The surge in Citco's AuA in the Middle East can be attributed to several key drivers, including a trend towards outsourcing among regional funds and a wave of new funds seeking capital access. The financial centers in the Middle East are characterized by their innovative regulatory frameworks, which foster business-friendly conditions, such as low taxes and incentives aimed at drawing international talent. These factors have positioned the Middle East as a crucial nexus between the Eastern and Western financial worlds.

Junior Damianidis, Head of Operations - Institutional Services at Citco Middle East Limited, expressed enthusiasm over reaching this milestone, stating, "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."

Further emphasizing Citco's strategic growth, Ziad Chaaban, Managing Director at Citco Middle East Limited, remarked, "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's offering encompasses an extensive array of middle and back-office services vital to the alternative investment sector. These services include handling treasury and loans, calculating daily net asset values (NAV), and providing investor services, corporate services, regulatory and risk reporting, banking solutions, as well as tax and financial reporting services.

With over $2 trillion in AuA globally, Citco continues to be at the forefront of delivering innovative solutions to the alternative investment industry, demonstrating its commitment to excellence and adaptability in a fast-evolving financial landscape.