Specialist UK based financial markets consultancy Catalyst Development Ltd (‘Catalyst’) has announced Vilnius, Lithuania, as its first nearshore consulting hub. Catalyst intends to hire around 30 staff in Vilnius over the next three years: highly qualified business analysts and consultants who will work on strategically important projects for its blue-chip banking, asset and wealth management clients.
Vilnius-based staff will work remotely on a variety of client projects and there will also be the opportunity of fly-in/fly-out trips to London and major financial centres worldwide. The new Catalyst-Lithuania base is also intended to open-up new opportunities to provide consulting services to financial markets firms operating within the Baltic and Nordic regions. In opening this nearshore consulting hub, Catalyst have moved beyond the traditional nearshore model of outsourcing and shared services to offer a new model of true consultancy, servicing international financial markets clients through blended teams across its London, Jersey and Lithuanian bases.
Catalyst specialises in regulatory-driven change, organisational improvement, technology and talent development, for investment banks, clearing houses and exchanges, institutional investors, asset and wealth managers. Headquartered in London, the firm works worldwide and holds the UK’s highest business accolade, The Queen’s Award for Enterprise, in recognition of its global impact. In addition to the new hub in Lithuania, the firm has an offshore base in Jersey, a permanent presence in Tokyo and plans for further overseas expansion.
Stephen Loosley, Catalyst’s Managing Director comments “Catalyst is growing ‘specialism at scale’ across all our markets and services. As part of that we are currently making a number of strategic acquisitions and opening in new locations. Interestingly, Vilnius entered our initial list of possible nearshore destinations on the recommendation of a Lithuanian member of staff. We then followed a detailed selection process, shortlisting Belfast, Warsaw, Galway and Vilnius. Vilnius was our clear choice because of its infrastructure, cost-competitiveness and expansive pool of highly educated potential hires with both the skills and the English language proficiency we need. The support we received from Invest Lithuania was instrumental in our decision, helping us gain a clear understanding of the city’s business environment and impressive talent pool and we are very grateful for their advice.”
Virginijus Sinkevičius, Lithuania’s Economy Minister states “The fact that Catalyst chose Lithuania as a nearshore consulting hub shows not only the trust vested in the competencies of the country’s business analysts but also an important trend in the process of foreign direct investment. Following the example set by Ireland – a leader when it comes to foreign direct investment – Lithuania should strengthen the ties with its nationals abroad and unlock the potential its diaspora has to offer.”
“The fact that the leading financial consulting company globally is seeking specialists of the highest calibre in Lithuania is significant,” believes Mantas Katinas, managing director of the foreign investment development agency Invest Lithuania. “This demonstrates that Lithuanian finance industry is full of potential and our specialists can work on advanced cases and high value adding projects.”