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Clearstream and Citco have signed an agreement for the sale of Citco’s Cork based Financial Institution Hedge Fund custody processing business to Clearstream for a sum in the mid double digit million euro range. The deal allows Clearstream to significantly expand its hedge fund services for financial institutions whilst enabling Citco to strategically focus on its core fund investor client base – namely Fund of Hedge Funds, Family Offices, Insurance Companies and Pension and Endowment Schemes - via its Citco Alternative Investor Services (CAIS) division. The acquisition of Citco Global Securities Services’ (CGSS) hedge fund custody infrastructure adds around 300 CGSS employees based in Cork to Clearstream and licences Clearstream to use Citco’s custody IT infrastructure. The two...
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