• The Citco group of companies (Citco) has chosen Puerto Rico due to its broad availability of educated professionals in the financial sector and is looking to recruit over the next three years. 

• Citco’s operations in Puerto Rico will be the first of its kind on the west coast and will help to establish the island as a talent base for institutional financial companies.

SAN JUAN, PUERTO RICO – Invest Puerto Rico (InvestPR), the island’s economic development organization (EDO), is proud to welcome another global company to establish new operations on the island: Citco, a global leader in alternative finance, that has chosen Mayagüez as its latest base for a client support center. 

Citco is one of the world’s leading asset-servicers to the alternatives investment industry. Their operations in Puerto Rico will be the first of its kind on the west coast and will help to establish the island as a talent base for institutional financial companies. This is the result of an almost two-year process led by InvestPR in collaboration with the Department of Economic Development and Commerce (DEDC) and other key stakeholders, in which the organization played a critical role in facilitating the effort through various support services. 

The company has chosen Puerto Rico due to its broad availability of educated professionals in the financial sector. Citco will be recruiting highly qualified personnel to fill roles in Fund Accounting and Reconciliations, with roles in Investor Relations to follow. Interested applicants are encouraged to contact OFranciska@citco.com. This follows its success in opening offices in 36 countries worldwide, which have created thousands of jobs and significant investment in many jurisdictions.

The governor of Puerto Rico, Pedro Pierluisi, said: “This new era of economic stability and progress-oriented policies is already helping to restore investor confidence on the Island, which is evidenced by the economic upswing being felt across Puerto Rico, and our financial sector is also growing. I welcome Citco’s expansion and know that the capable and experienced personnel they hire here will be key to their success”.

Citco has over $1.8 trillion in Assets under Administration (AuA) and offers a full suite of middle-office and back-office services to alternative investment companies across the globe. These services include treasury and loan handling, daily NAV calculations and investor services, corporate services, regulatory and risk reporting, banking solutions, and tax and financial reporting services, among others. 

“With Citco’s Puerto Rico footprint, our island is now home to one of the world’s foremost asset servicers in alternative investments. The message is clear: Puerto Rico has a talented pool of human capital that supports forward-looking organizations like Citco, and we are excited to welcome them as part of Puerto Rico’s business ecosystem”, assured Ella Woger-Nieves, Chief Executive Officer at InvestPR. 

Puerto Rico’s Secretary of Economic Development, Manuel Cidre, mentioned: “This news further cements the island’s reputation as a valuable investment destination that supports growth at a regional level. Puerto Rico is proud to partner with Citco as they move forward with their plans on the island and expand their world-class operations to Puerto Rico.”

Citco will open a state-of-the-art office in Mayagüez by 2024, and currently, the company has commenced the process of evaluating and selecting its initial cohort of 15-20 hires. The Mayagüez office is undergoing renovations and will be led by Colin Johnson, Senior Vice President of Operations, Citco (Puerto Rico), LLC, who has been with Citco for over 13 years.

“Our significant growth in recent years has always been with long-term sustainability in mind; this is why we have chosen Puerto Rico as our latest base due to the island’s broad pool of talented, dedicated financial professionals. In time, we hope to make an investment into the local economy through education and employment programs, significantly growing our operations in Puerto Rico,” said Roald Smeets, President and Chief Operations Officer of Citco.