Citco

Citco is a fund administrator serving alternative investment managers, including hedge fund, private equity, private credit and fund-of-fund clients. The firm describes administration as its core business rather than a service attached to custody or banking.

Fund administration covers accounting and operations, independent pricing and external valuation, collateral management, treasury and settlements, affirmation and confirmation, regulatory reporting including Form PF, CPO PQR, AIFMD and OPERA, and tax preparation and reporting. Private equity and private credit clients are supported with financial statement reporting, tax services, treasury processing, record maintenance, investment transaction processing and waterfall calculations. Separate business lines cover middle office services, loan servicing and agency, corporate secretarial and entity services, and the Citco Banks.

Citco was founded in 1948 and launched its fund administration business in 1968. It reports $3 trillion in assets under administration and a global team spread across more than 50 offices, and says it has been majority independently owned from the beginning.

Citco does not publish fees, and scope, jurisdictions and reporting deliverables are set per engagement. Because banking, capital solutions, loan servicing and entity services sit in separate businesses from fund administration, a buyer should confirm which Citco entity holds the relationship and what each one is contracted to deliver.