CITI LAUNCHES SUITE OF REGULATORY ADMINISTRATION AND COMPLIANCE SUPPORT SERVICES FOR HEDGE FUNDS AND PRIVATE EQUITY FUNDS
New York, NY - September 13, 2010 – Citi today announced that its Global Transaction Services unit has launched a suite of Regulatory Administration and Compliance Support Services developed specifically for hedge funds, private equity funds and their SEC registered investment advisers. The portfolio of services for the alternative investment space leverages the extensive experience Citi has achieved providing similar services to traditional mutual funds and investment advisers.
"We've launched these services for hedge fund and private equity fund investment advisers to help them navigate a rapidly evolving regulatory environment," said Bob Wallace, North America Head of Citi's Securities and Fund Services. "We designed these Regulatory Administration and Compliance Support Services based on our deep experience with traditional mutual funds and their registered investment advisers."
Citi's Regulatory Administration Services will work at the direction of clients to draft routine contracts, policies and procedures and regulatory filings. Citi's team will work closely with clients to manage routine tasks to help minimize expenses while leveraging Citi's Regulatory and Compliance expertise. Clients who sign up for this service will also have access to Citi's Fund Governance Portal, a data and document collaboration tool designed to enhance the client experience.
Citi's Compliance Support Services for alternative investment clients center on the administrative and testing support of clients' compliance programs. The Service Provider Testing Program has an internal team that conducts a variety of forensic tests against clients' compliance procedures and immediately escalates concerns or patterns identified along with the supporting documentation to an adviser's compliance professionals. In addition to testing these compliance procedures, Citi also offers Compliance Program Administration. Working alongside an adviser's Chief Compliance Officer, Citi assists with forensic testing and analysis, audits and examinations by regulatory authorities and assists with maintenance of a client's compliance program.
Through its Securities and Fund Services business, Citi's industry-focused experts provide investors worldwide with tailored solutions delivered through proven global platforms that feature modular, open architecture. With over $11.3 trillion of assets under custody and the industry's largest proprietary network, clients can leverage Citi's local market expertise and global reach to extract value across the entire investment value chain.
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 second quarter of 2010, it held on average $320 billion in liability balances and $11.3 trillion in assets under custody.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through 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.