Hedge fund administrator Citco Group is making a major new commitment in the Far East with the opening of new offices in the Changi district of Singapore.

Hedge fund administrator Citco Group is making a major new commitment in the Far East with the opening of new offices in the Changi district of Singapore.

The Citco Group first established a fund services office in Singapore in May 2007 and has already hired 100 staff as part of its strategic expansion in the region.  The group expects the addition of 45,000 square feet of office space to help realise its ambitions within the region very quickly.

The Singapore office will continue to serve the group's growing list of clients in Asia and support its global fund administration business on a follow-the-sun basis. It has imported talent from its offices around the globe to maintain standards and service levels a.

William Keunen (see attached photograph), director of the Citco Group's Fund Services division says: 'We are proud to be expanding our business so significantly in the Far East. Our investment in Singapore demonstrates our commitment to the region and recognition of Singapore as a major hub for fund activities.'

According to Citco, Singapore is recognised as a major financial services centre in Asia with a growing presence of hedge funds and other industry participants, andis well-positioned to service the Asia Pacific region which lies within a seven-hour flight radius.

The relative ease of setting up businesses, the cost-competitive environment, and the transparent tax and regulatory regimes are cited as the main attractions of starting up a fund management business in Singapore.

Citco Fund Services has 16 offices worldwide providing full service administration, including accounting and net asset value calculation services, set-up advice, legal and corporate services, and investor relations and transfer agency services, to more than 2,000 hedge funds with more than USD700bn in net assets.