CITI LAUNCHES FULL SERVICE INTEGRATED SERVICING SOLUTION FOR EU DOMICILED HEDGE FUNDS
LONDON - January 11, 2010 – Citi today announced that it has launched a full service end-to-end Integrated Servicing Solution for EU domiciled hedge funds. This product was launched in response to increasing demand from investors and hedge fund managers to establish hedge funds in EU domiciles, such as Ireland and Luxembourg. The servicing solution which benefits on an end-to-end or modular basis includes: prime finance, custody, middle office support, fund administration, corporate secretarial services, distribution support, fiduciary services and compliance monitoring.
This service builds upon Citi's front, middle, and back office solutions for hedge fund managers whilst also using Citi's extensive experience in the traditional long-only fund administration and fiduciary businesses. With a global custody network in over 100 markets and industry leading proprietary network in 54 countries, Citi provides in-depth local market knowledge and expertise. Furthermore, Citi Prime Finance offers global client service covering the full range of asset classes and a comprehensive suite of execution solutions.
Given Citi's extensive range of Capital Markets and Transaction Services capabilities, Citi is one of the few in the industry capable of providing the full suite of services required to support the industry demand for both UCITS and non-UCITS structures.
"Investors are now focused on governance, risk management, independent valuation and transparency of reporting" says Citi's Andrew Gelb, Head of Securities and Fund Services in Europe, Middle East & Africa" and hedge fund managers are increasingly offering UCITS and other EU domiciled fund structures to meet these needs as the industry continues to converge across the alternative and traditional fund sectors."
"Having a comprehensive suite of products gives Citi a competitive advantage in servicing the hedge fund and asset management industries," says Mark Harrison, Head of European Prime Finance, Citi.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
About Citi Global Transaction Services
Global Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the third quarter of 2009, it held on average $314 billion in liability balances and $11.8 trillion in assets under custody.