Citi Hedge Fund Services Wins Three Prestigious Industry Awards
New York - December 13, 2010 – Citi today announced that its Global Transaction Services unit has received a number of prestigious industry awards for its hedge fund services capabilities. HFMWeek U.S. Awards cited Citi as "Best Administrator for Middle Office" in 2010 - the second year in a row that Citi has received this accolade. The publication also recognized Citi’s fund of hedge fund capabilities with a "High Commendation for Fund of Fund Administration" award. In addition, International Custody & Fund Administration (ICFA) named Citi as "European Hedge Fund Administrator of the Year for Administrating Assets under Administration Greater than $100 Billion."
In the HFMWeek coverage of the award, judges said, "While many administrators merely claim to offer middle office services, Citi actually does it with aplomb. Its U.S. model has been so successful that the bank rolled out its middle office service in Europe last month which is following suit."
"Being acknowledged two years in a row as ‘Best Administrator for Middle Office’ by HFMWeek demonstrates our consistency and excellence in the space," said Sanjiv Sawhney, Global Head of Fund Services, with Citi’s Global Transaction Services unit. "Clients are increasingly looking for middle office services around OTC, Bank Debt and other alternative asset classes and we are committed to continue leading the industry in this area," Sawhney said. "At the same time, our commendation by the publication as a fund of fund administrator and our ICFA award for our administration expertise in Europe illustrates the breadth of the capabilities we bring to the hedge fund space around the world."
Citi’s comprehensive suite of hedge fund services comprises post-trade and pre-settlement activities, including daily trade processing, reconciliation and daily P&L reporting, in addition to OTC services, bank debt administration, collateral management, corporate actions, cash management and risk reporting. The offerings - designed from a fund manager’s standpoint -- help hedge fund managers diversify counterparty risk, gain more frequent third party verification of their holdings and valuations, and ultimately focus more of their professional, financial and technological resources on making investment decisions.
Through its Investor 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 $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 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 third quarter of 2010, it held on average $340 billion in liability balances and $12.4 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.