Citco cooks up more jobs in Cork

Citco Group, the world's largest hedge fund administrator, is on a hiring binge in Ireland.

The company says it has an additional 120 jobs to fill in Cork as its funds services business swells to ever-greater proportions. Citco announced in January 2006 that it planned to add 250 jobs when it opened a new hedge fund administration centre in the city and expanded its existing data processing operations.

Most of the additional roles will be based at the fund services business at Citco's new offices in Blackrock's Tellengana House.

Citco, which currently employs 485 staff in Blackrock, told The Sunday Times that the new jobs are down to demand rising faster than anticipated. It's on the lookout for people to work in fund accounting, investor relations, fund of fund pricing, and support services.

How easy will it be to fill the roles? Given the shortage of fund admin staff in Ireland, we think not very. Several of the 250 jobs announced in 2006 still appear to be open - Citco Fund Services has filled 85 jobs in Cork, while Citco Data Processing Services has added 100 people over the past year.

The company appears optimistic, however. "We expect to offer opportunities to top-quality graduates from third-level colleges in close proximity to Cork, in addition to candidates originating from the area with industry experience who are looking to work closer to home," it tells us.

Citco first entered the Irish market in 1999, when it set up shop at the International Financial Services Centre (IFSC) in Dublin and at Cork Airport Business Park. It expects its workforce in Ireland to pass the 1,100 mark in the "next couple of years".