The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

CITCO Funds Services yesterday effectively confirmed that redundancies will occur at its Bahamas operations, although it pledged to maintain its fund administration license in this jurisdiction.

The fund administrator told this newspaper it had decided to reorganise its Bahamas office to "improve operational effectiveness".

Jonathan Gasthalter, a CITCO spokesman, told Tribune Business that the firm was not shutting down its operations in the Bahamas.

He said: "CITCO Funds Services has decided to reorganise the Bahamas office, and is going to move most functions that are carried out in the Bahamas to other locations to improve operational effectiveness.

"CITCO Funds Services will continue to operate on the island, and will continue to maintain its fund administration license and continue to meet its commitments."

Mr Gasthalter would not comment on any possible redundancies, but Tribune Business understands that there will be some lay-offs as a result of this "reorganisation" exercise by CITCO.

Mr Gasthalter instead told Tribune Business: "Over the coming three months there will be a plan to migrate work from the Bahamas to other CITCO offices. Existing staff and management will remain closely involved and in place."

CITCO has offices in many other Caribbean countries, including the Cayman Island, Bermuda and Barbados. CITCO's Bahamas office, which has been in operation for over a decade, is part of the CITCO Group of companies, a world group of financial service providers serving the world's elite hedge funds, private equity, real estate firms and high net worth individuals.