Citi Announces Launch of Global Technology Platform Specifically for Funds of Hedge Funds
New Service Integrates Comprehensive Suite of Solutions on Single, Seamless, Front-to-Back Platform
New York, London - October 6, 2010 – Citi today announced that its Global Transaction Services unit has launched a global technology platform specifically designed for servicing funds of hedge funds. The new service, which integrates into Citi’s Global Operating Platform for Hedge Fund Services, enables Citi to provide a comprehensive suite of fund of hedge fund solutions through a single, seamless front-to-back online service.
"For the benefit of servicing fund of hedge fund managers around the world, we have pulled together the entire client experience under one seamlessly integrated, globally consistent platform," said Neeraj Sahai, Global Head of Securities and Fund Services, Citi. "Managers have direct, on-line access to our custody services, our suite of middle-office solutions and all standard administrative reports, resulting in greatly improved efficiency, accuracy, transparency and risk mitigation."
Citi’s fund of hedge fund services product suite offers clients a globally consistent, complete and modular end-to-end solution, supporting the entire trade lifecycle: middle office, custody, securities finance, back office, cash and liquidity.
The new technology platform delivers the following types of customized tools for portfolio managers:
- analysis of liquidity terms of underlying hedge fund investments
- ability to track and analyze underlying fund performance
- "what-if" trade scenario analysis
- pre and post trade compliance reporting against investment guidelines
- real-time dynamic NAV reporting
- automated FX hedging functionality for share classes denominated in non-base foreign currency
After a comprehensive analysis of other fund of fund platforms, Citi entered into an agreement with youDevise Ltd. to license their platform designed specifically for fund of hedge funds. YouDevise is the developer of a leading online platform used by fund of hedge funds and administrators for front, middle and back office management information. YouDevise’s best-in-class platform, integrates Citi’s custody and administration with the middle office functions for fund of funds providing Citi with a complete customized solution for Fund of Fund Managers.
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 .