More than a dozen jobs have been cut as another global hedge fund administrator downsizes in Bermuda.Citco Fund Services in Bermuda is cutting 15 to 20 jobs in what the company said was a “reorganisation” of its Bermuda office.Also yesterday, the Bermuda law firm Attride-Stirling and Woloniecki announced it had cut two jobs and reduced two other positions to part-time.The latest job losses add to mounting layoffs on the Island in international business as well as tourism and other sectors and are likely to add to the Island's official unemployment rate of six percent.A spokesman for Citco yesterday confirmed the job losses at the company, saying they will be effective in January, with the staff affected offered “generous severance packages”.The spokesman said Citco was moving functions to other Citco offices “to improve operating effectiveness”.It is understood Citco will continue to operate in Bermuda and maintain its fund administration licence. A handful of staff will be retained in Bermuda.The spokesman could not say how many Bermudian jobs would be lost.Citco is a hedge fund administrator with more than 5,000 staff in 44 countries around the world.It has been in Bermuda for more than ten years and currently has offices at Mintflower Place on Par-La-Ville Road.The company is not related to Citigroup or Citi Hedge Fund Services, which last month confirmed it was relocating 105 jobs out of Bermuda to North America “to consolidate Citi's support functions, reduce overall expenses and create operating efficiencies”.The latest layoffs continued a trend of international business jobs being lost to locations where it is less expensive to do business.Fund administration can be performed anywhere as there are few or no tax consequences of where it is done.Earlier yesterday, Attride-Stirling and Woloniecki said it had terminated two administrative positions held by Bermudians in its litigation department.And the law firm said two other positions were reduced to part-time positions — one of which was held by a Bermudian.The firm employs about 25 people.The cuts were made at the close of the company's financial year, at the end of September.Asked if the cuts had been brought about by the economic downturn, managing partner Barclay Simmons said: “That's part of it, but the reality is that we're restructuring the way we do our business. We've seen growth in some areas. We're hiring in our corporate department, but we're flat in terms of litigation.”The Hamilton firm, which handles mainly commercial and corporate law, also hired a new lawyer at the start of the week.Mr Simmons said the company was working to find positions at other firms for the two whose positions were cut.It was not the only city law firm to shed jobs this year. Conyers Dill and Pearman cut 13 jobs in January, while Appleby cut 12 jobs over the course of the summer.In the last two months alone, close to 200 jobs have been lost, 46 of them as the Willowbank resort announced its closure, 13 at Bacardi's Bermuda office and 105 at Citigroup.* Are you affected? Email news@royalgazette.bm