CITCO's second largest headquarters in the world has to be in Hyderabad: KTR

HYDERABAD: Telangana will be nine years old on June 2, 2023, and it's remarkable how it continues to expand and generate more and more opportunities, according to Telangana IT Minister KT Rama Rao.

Inaugurating Citco's new facility at Knowledge city in Hyderabad on Tuesday, KTR remarked that Hyderabad was a no-nonsense city. Hyderabad accepted all cultures and tolerated no nonsense, hatred or violence, and law and order was strictly enforced. More importantly, he said, "We have some beautiful ecosystems on education, academics, and innovation."

"The number of IT employees in the technology sector has increased from 3.25 lakh to 10 lakh in the last nine years," he said.

According to the Minister, no industry, including defence, biological sciences, logistics, and even financial services, was immune to technological advancements.

The Minister said, "Right next to you is T-Hub, and right next to that is T-works, IMAGE Towers, a centre for innovation, animation, gaming, multimedia, and entertainment is also being built. The World's largest Innovation campus will be built on 18 acres directly next to you. You are surrounded by hundreds of start-ups and young people, and if you want to expand, you must step up your game.

"Those of you who want that would enhance your skills, we have many skilling institutions and brilliant business schools here," he added.

The Minister said that CITCO made a wise decision, stating that CITCO Manila had 3,500 employees and the Toronto centre had 2,500 people. Hyderabad had Amazon's largest campus, as well as Microsoft, Meta, Apple, Google, Uber, Micron, Qualcomm, and a number of other firms' second largest campuses. CITCO's second largest headquarters in the world should be in Hyderabad, according to the trend, and “we should make it happen,” he added.

Citco opens permanent office for Center of Excellence team in Hyderabad

After the successful launch of Citco’s Center of Excellence (CoE) in Hyderabad in September 2021 – whereby the team was based in a temporary incubation office in HITEC City – Citco has moved to a new permanent facility in the Opel Building, located in Salarpuria Sattva Knowledge City, to cater to its ongoing expansion in the region on Tuesday.

The CoE provides a range of support in relation to fund and banking services for Citco and its international client base, helping both to operate more efficiently and effectively via Citco’s portfolio of award-winning proprietary technologies. The growing team also strengthens the resources of Citco’s operations across Asia, helping to support Citco’s other locations in the region which include Pune and Mumbai.

Jay Peller, Head of Fund Services, Citco Fund Services (USA) Inc., said: “After the move to Hyderabad nearly two years ago, we are delighted that the construction of our new Center of Excellence is now complete. The state of the art office will ensure we are well-positioned to support the growth of Citco not simply in the region, but also globally. We have seen significant worldwide demand for our fully-integrated ecosystem of bespoke technologies and white-glove, specialist asset services, so now that our new regional base is ready, we look forward to significantly and sustainably growing our team in India.”

Amit Verma, General Manager, Citco Group Services (India) LLP Hyderabad Branch., said: “Hyderabad is becoming one of the region’s most prosperous economic hubs, so we are thrilled to have laid down roots here and we are proud to call it home to one of our CoEs. The region has unparalleled access to a growing base of agile, skilled talent. Aligning to Citco’s ethos, we are committed to investing in the best talent and giving them the right tools to succeed – so to be able to provide our team with a state of the art office is a fantastic milestone for Citco.”

Citco is leading the way in providing asset servicing solutions to the global alternative investment industry, offering a full suite of middle office and back office services, including treasury and loan handling, daily NAV calculations and investor services, corporate services, regulatory and risk reporting, banking solutions, and tax and financial reporting services.