WILSHIRE ASSOCIATES TO OFFER WEALTH MANAGEMENT ADVISORY SERVICES USING CITI'S OPENWEALTHsm PLATFORM
New York, NY - November 8, 2010 – Citi today announced that its Global Transaction Services business has entered into a strategic relationship with Wilshire Funds Management, a business unit of Wilshire Associates Incorporated ("Wilshire®"). Wilshire will leverage Citi's award winning OpenWealthsm platform to deliver Wilshire's core wealth management advisory services. Wilshire will "white-label" OpenWealth for capabilities such as automated household rebalancing and tax flow optimization, household performance and pre-trade compliance functionality, with Citi providing business process outsourcing services to Wilshire's clients.
Citi's OpenWealth is the first Unified Managed Household (UMH) servicing platform that provides automated household portfolio and tax optimization for investors serviced through distributors and sponsors of wealth management.
Wilshire will look to combine its industry leadership in asset allocation, manager research and investment management with Citi's innovative solution-oriented service capabilities to provide an end-to-end wealth management solution to financial services firms, including independent broker dealers, RIAs, banks, insurance companies, corresponding clearing firms, family offices, endowments, foundations and others.
"OpenWealth's unique UMH capabilities and ability to support all types of sponsor programs and investment types on a single platform, coupled with Wilshire's investment thought leadership, introduce a comprehensive, leading-edge platform to the marketplace," says Laurence Davanzo, President, Wilshire Associates. "This partnership represents a quantum leap beyond what is offered in the industry today. The combination of these two industry powerhouses raises the bar on the competitive landscape and a value proposition unmatched by any offering in the industry today."
Neeraj Sahai, Global Head, Citi's Securities and Fund Services, added "Citi's award winning technology and global Business Processing Outsourcing (BPO) capabilities, coupled with Wilshire's proven institutional approach to investment management, represent a highly differentiated offering to financial services firms providing wealth management to their clients. We believe this is just the beginning to what could amount to the next generation in fee-based managed account capabilities."
OpenWealth helps sponsors grow and manage client assets by providing an all-in-one environment that supports multiple products and security types. It is no longer necessary for sponsors to run multiple platforms to support different types of investment products in order to provide a total solution for investors. OpenWealth delivers a streamlined and efficient approach to serving a complex variety of sponsor needs. In recognition of its value in the marketplace, OpenWealth was awarded "Managed Solutions Innovation of the Year" for 2010 by Money Management Institute (MMI), named "The Most Innovative Project of the Year" at the ICFA's "Americas Service Provider Awards 2010" and received the 2009 "Excellence in Business Process Management" award from FSO KnowledgeXchange.
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 $12.4 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 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 third quarter of 2010, it held on average $340 billion in liability balances and $12.4 trillion in assets under custody.
About Wilshire Associates
A leading global independent investment consulting and services firm, providing consulting services, analytics solutions and customized investment products to plan sponsors, investment managers and financial intermediaries. Founded in 1972, the firm is a leader in the institutional market serving over 600 organizations in over 20 countries., with combined assets exceeding $5 trillion*. The firm has a pioneering tradition in research, quantitative analysis, and risk management. Its business units include, Wilshire Analytics, Wilshire Consulting, Wilshire Funds Management and Wilshire Private Markets. With ten offices on four continents, Wilshire Associates and its affiliates are dedicated to providing clients with the highest quality counsel, solutions and services.
* Assets are as of December 31, 2008, based on published data in the December 28, 2009 issue of Pensions & Investments.
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.