The Citco Banks, providers of custody and fund trading for financial institutions and fund of funds, have opened a new subsidiary, Citco Bank Canada, in Toronto.

The Citco Banks, providers of custody and fund trading for financial institutions and fund of funds, have opened a new subsidiary, Citco Bank Canada, in Toronto.

Citco Bank Canada will provide custody and banking services to institutional and fund of funds clients in the region and in the US.

It offers access to the funds universe via multiple electronic means of communication including CitcoFundsNet, an online real-time global funds platform. 

Citco Bank Canada received a banking license from the Office of the Superintendent of Financial Institutions Canada and is headed by Scott R. Case, managing director and chief executive. The subsidiary employs approximately 20 people.

Willem Holst, executive director marketing of the Citco Banks, says: 'The opening of this new subsidiary is part of the Citco Group's strategic expansion into the Canadian and US markets. We are a well established and leading service provider in custody and fund trading in Europe and are delighted to be to expanding our services and offering our expertise to other markets, working closely with other Citco entities in the region.'