Thursday, June 3, 2010

Citco Fund Services to Create 258 Jobs in Mecklenburg County Financial Services Company Chooses Charlotte for Newest Location

RALEIGH
Jun 3, 2010

Gov. Bev Perdue announced today that global hedge fund administrator Citco Fund Services (USA) Inc. plans to create 258 jobs in Mecklenburg County over the next five years. The company will invest $3 million to open its first North Carolina office thanks in part to a state Job Development Investment Grant. 

“Charlotte is second only to New York for financial services, making it a major player in this industry,” said Gov. Perdue. “Because of that, top-quality companies know they will find the knowledgeable and dedicated workers they need to succeed here.” 

While individual wages will vary by job function, the overall average for the 258 new jobs will be $78,256 a year, not including benefits. That is higher than the Mecklenburg County average of $48,770. 

Citco Fund Services companies have more than 35 years of experience and offer a full range of fund administration services. These companies currently provide services for more than 2,000 funds at 16 offices in the U.S., Canada, Europe, Australia, Asia, South America and several islands in the Caribbean. Citco Fund Services companies are part of the Citco Group of Companies, a worldwide group of independent financial service providers whose customers include alternative investment funds, private equity and real estate firms, institutional banks, Global 1000 companies and wealthy individuals.

William Keunen, Citco Fund Services divisional director, said the company’s expansion into Charlotte will offer an opportunity to better serve its clients. “With Charlotte’s vast financial industry and infrastructure, we know it’s the right place for our new office expansion,” said Keunen.

The state’s Economic Investment Committee today voted to award a Job Development Investment Grant to Citco Fund Services to facilitate this project. JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state and which would not be undertaken in North Carolina without the grant. 

Under the terms of the JDIG, the company is eligible to receive a grant equal to 60 percent of the state personal income withholding taxes derived from the creation of new jobs for each of the nine years in which the company meets annual performance targets. If Citco Fund Services meets the targets called for under the agreement and sustains them for six years, the JDIG could yield slightly more than $4 million in maximum benefits for the company. 

In addition, up to $1.38 million could be added to the state’s Industrial Development Fund for infrastructure improvements in economically distressed counties. When a JDIG is awarded in the state’s most prosperous counties such as Mecklenburg, 25 percent of the grant is allocated to this fund to encourage economic development in less prosperous areas. 

“During these tough economic times, it’s important to make the critical investments needed to create jobs in Charlotte and in North Carolina,” said Sen. Charlie Dannelly. 

“These good paying jobs are welcome news for Charlotte and our knowledge-based and highly talented workforce,” said Rep. Beverly Earle. 

“Charlotte is the home base for many financial services jobs, and our workforce is perfectly suited for these newly created jobs,” said Rep. Becky Carney.   

Other partners who assisted with this project include: the N.C. Department of Commerce, N.C. Community Colleges, N.C. Employment Security Commission, Mecklenburg County, City of Charlotte, Charlotte Regional Partnership, Charlotte Center City Partners and Charlotte Chamber.  

Through Gov. Perdue’s JobsNOW initiative, the state continues to work aggressively to create well-paying jobs, train and retrain its workforce, and lay the foundation for a strong and sustainable economic future. 

For more information about the Citco Group of Companies, including job opportunities, visit www.citco.com.