London-based Duco, which provides hosted reconciliation services, announced the establishment of its European regional headquarters in Luxembourg, with eyes on further global expansion in the future.
The new office will consist of sales, client support and marketing across the northern European region and serve as a network base for global client support.
Over the last 18 months, Duco has grown its client base to 28 "financial and service organizations," Christian Nentwich, CEO and co-founder of Duco, said in a release. He credits the firm's growth to a recent "Series B" investment by ICAP, which helped the vendor to establish its New York office. "Expanding further into Europe was the logical next step," he said.
"Luxembourg is an ideal location for Duco given its importance as a hub for many financial institutions, particularly as a recognized center of excellence in post-trade administration, middle- and back-office and accounting operations," added Michael Marconi, CTO and co-founder of Duco.
In September, Duco opened its North American headquarters in New York.
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