Citi Introduces Comprehensive Portfolio of Private Equity Custody Services

New York - November 16, 2010 – Citi today announced that its Global Transaction Services has introduced a comprehensive portfolio of custody services in the U.S., specifically for private equity funds. These services leverage Citi’s market-leading combination of capabilities: its extensive experience as a custodian and its strong footprint in the private equity fund accounting and administration space.

Citi’s private equity custody services are particularly timely because of Securities and Exchange Commission regulations affecting custody of customer assets by registered investment advisers and the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act, which places stricter regulatory requirements on private equity firms. This legislation - and the regulations to follow -- will impact unregistered investment advisers of private equity funds as most of them will now be required to become registered with the Securities and Exchange Commission and will be subject to the full spectrum of regulations under the Investment Advisers Act.

"These private equity custody services align perfectly with our overall strategy of developing and delivering the full range of accounting, administrative, and custody solutions," said Chandresh Iyer, Global Head of Custody and Investment Services, Citi. "They demonstrate that, among the comprehensive services we provide, we closely monitor the regulatory environment and quickly create innovative offerings that benefit our clients."

Citi’s comprehensive portfolio of value-added custody services for private equity funds include:

  • Safekeeping of private equity documents
  • Robust reporting tools via Citi’s proprietary Internet portal CitiDirect for Securities
  • Statement fulfillment to investors and interested parties
  • Seamless operational integration with Citi Fund Administration Services

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.

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About Citi
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.