The Citco Group and JKG Partners announced a joint venture today, establishing a new backoffice services provider for fund companies.

The first client is the Quaker Investment Trust, a registered investment company currently offering eight mutual funds with combined assets of approximately $145 million. Quaker Investment Trust was previously a client of Declaration Service Company.

CITCO-Quaker Fund Services will officially begin servicing operations on July 1, 2001 and will provide transfer agency, fund accounting, administration, legal and compliance services.

The firm will initially target mutual fund firms with $100 to $500 million and then ratchet up from there, according to David Jones, president and chief executive officer of the new firm. The partners of JKG are Jeffry King, president and chief executive officer of Quaker Securities, a private institutional brokerage company in which The Citco Group acquired a controlling interest in 1999; Everett Keech, a trustee of the Quaker Investment Trust; and Kevin Mailey, a principal of Quaker Funds. 

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