Citi, Bloomberg and Euroclear’s FundSettle Link to Streamline Fund Transactions
New York, London, Brussels – June 14, 2010 – Citigroup Global Transaction Services and Euroclear Bank have today announced an agreement with Bloomberg's Asset and Investment Manager (AIM) system and Euroclear Bank's cross-border fund processing platform – FundSettle – to fully automate front-to-back-end fund-transaction processing for institutional clients.
Citi's clients can now use Bloomberg AIM to access FundSettle, while imposing no extra communications fee, to route and settle transactions in over 47,000 cross-border and domestic funds supported by a network of over 510 transfer agents.
Ivan Nicora, Director and Head of Investment Fund Product Management at Euroclear, said: "Bloomberg, Citi and Euroclear have taken an innovative approach to seamlessly link the front of house with our back-office processing capabilities. Institutional clients, such as those of Citi, using AIM can now benefit from the powerful combination of automated and integrated order routing, settlement and asset servicing for their fund activity. Our platform removes all manual processing tasks, risks and expenses for subscriptions and redemptions. We are pleased to add this new means of accessing FundSettle, thereby offering asset managers a unique opportunity to streamline their fund transactions."
Nick Titmuss, Head of Global Custody for Europe, the Middle East & Africa, at Citi, said: "This new connectivity delivered by Citi in linking Bloomberg and FundSettle to our Citiconnect for Funds platform demonstrates our commitment and ability to automate and streamline the fund transaction process from end-to-end, delivering a faster and more efficient solution to our clients."
The Bloomberg Asset and Investment Manager (AIM) system builds on Bloomberg's core data and analytics, offering hedge fund managers, institutional asset managers and proprietary trading desks a complete front-end package with market-leading solutions for strategy management, compliance, financing, trade settlement, portfolio analysis, order management and electronic trading.
Portfolio managers rely on our global product coverage, portfolio-level analytics and pre-trade compliance module. Traders manage their order flow with our integrated blotter, offering superior trade analytics and Bloomberg's global FIX network. Compliance managers benefit from global regulatory templates to manage their compliance risk accurately. Middle-office professionals leverage the power of Bloomberg security master information and connections to industry-leading post-trade processing engines. For more information about Bloomberg AIM go to AIM go www.bloomberg.com.
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, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
About Global Transaction Services
Global Transaction Services, a division of Citigroup'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, Citigroup's Global Transaction Services supports over 65,000 clients. As of the first quarter of 2010, it held on average $319 billion in liability balances and $11.8 trillion in assets under custody.
FundSettle provides a single access point for fund buyers to process subscriptions, redemptions, transfers and switches, covering more than 47,000 investment funds worldwide and over 510 transfer agents. The fully integrated solution, offering order routing, settlement and asset servicing, delivers savings of up to 85% to fund distributors.
Euroclear is the world's largest provider of domestic and cross-border settlement and related services for bond, equity, derivatives and fund transactions. User owned and user governed, the Euroclear group comprises the international central securities depository Euroclear Bank, based in Brussels, as well as the national central securities depositories (CSDs) Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & Ireland. Euroclear also owns EMXCo, a leading provider of investment-fund order routing in the UK, and Xtrakter, owner of the TRAX trade matching and reporting system. In 2009, the Euroclear group settled more than EUR 513 trillion in securities transactions, representing 180 million domestic and cross-border transactions, and held more than EUR 20 trillion in assets for clients. Euroclear Bank is rated AA+ by Standard & Poor's and Fitch Ratings.