David Leahy, managing director at Citco, is in the process of transferring from Hong Kong to Sydney, and expects to be officially based Down Under by the start of 2004.

Citco is a hedge funds administrator, and Leahy concentrates on administrating funds only for Asia-Pacific-based hedge funds. The firm now has about $2 billion under administration in Asia-Pacific. "It's been growing exponentially," Leahy says, noting the assets have doubled since January and may double again by the end of the year.

While in Hong Kong he was responsible for Citco's regional coverage, including Japan, Hawaii and India, but not Australia. By moving to Sydney, he is adding Oz to his brief.

He is moving to Sydney to replace Ian Lynch, who previously ran that territory for Citco and has recently transferred to head up the London office. Leahy says these moves are merely organizational and don't reflect any change in the business model. The firm is looking to promote someone internally to run Hong Kong for Leahy, but that has yet to be finalized.

Leahy has been with Citco for four and a half years, serving in Curaçao, British Virgin Islands, Hong Kong and now Australia.