DTCC, the leading post-trade market infrastructure provider for the global financial services industry, has opened a new office in Metro Manila to support its growing client community and expanded operations across Asia.
The office is located in PEZA’s Special Economic Zone in Makati City.
“In 2003, we started operations in Manila with just 10 employees,” stated Nellie Dagdag, Executive Director of DTCC Asia. “I’m pleased that Manila is now our largest office in the region, with over 200 employees spread across multiple functions including client operations, finance, sales, technology and product. The Philippines is a natural base for DTCC’s operations in the region, enabling us to achieve 24/7 client support for our global community.”
DTCC serves almost 1,000 clients across Asia, including global and regional investment managers, hedge funds, broker/dealers and custodian banks. In addition to Manila, DTCC also has local offices in Singapore, Japan, Hong Kong, China, South Korea and Australia.
“The Philippines offers a large pool of talent, including well-educated, tech-savvy employees, with approximately 500,000 students graduating from college each year and many experienced professionals in the business process outsourcing sector,” said Susan Tysk-Cosgrove, Managing Director and Chief Financial Officer at DTCC. “As DTCC continues to expand globally, it is critical that we recruit the best talent to help us fulfill our mission to protect the stability and integrity of the global financial system.”
The strength of the Philippine economy, recently described by the World Bank as “ASEAN's fastest-growing economy and Asia's second-fastest next to China,” and its world-class telecoms infrastructure also contributed to DTCC’s decision to expand operations within the country.
The DTCC Manila office is projected to double in size in the next five years in support of client growth and support requirements.