Citi Appointed by Diamond Hill to Provide Global Custody, Fund Services, and Securities Lending for $4 Billion of Assets
New York, NY - September 12, 2011 – Citi today announced that it has been appointed by Diamond Hill Capital Management, Inc. to provide a range of investor support services for the firm’s fund assets totalling $4 billion.
"We selected Citi because they offer a rare combination of global perspective and local on-the-ground presence, as well as the ability to structure and scale solutions to meet our specific needs," said James F. Laird, Chief Financial Officer, Diamond Hill Capital Management, and President of Diamond Hill Funds. "In making the decision to move our business to Citi, we were impressed by Citi’s understanding of our day-to-day challenges and the value they place on fitting seamlessly into our operations with a consolidated service model."
The scope of services Citi is providing to Diamond Hill includes fund administration, accounting, transfer agency, global custody, and securities lending. Citi’s fund operations are located in Columbus, Ohio, which is also headquarters for Diamond Hill.
"We are extremely pleased that Diamond Hill chose Citi," added Joseph Rezabek, Managing Director, Citi’s Fund Services, North America. "As a boutique-style service partner, Citi will draw on years of practical experience to deliver solutions focused on the specialized needs and objectives of Diamond Hill, while leveraging the depth and breadth of our global network."
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 $13.5 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, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the second quarter of 2011, it held on average $365 billion in liability balances and $13.5 trillion in assets under custody.
About Diamond Hill
Diamond Hill is an independent investment management firm with significant employee ownership and $8.9 billion in assets under management as of July 31, 2011. The firm provides investment management services to institutions and individuals through mutual funds, institutional separate accounts, and private investment funds. Diamond Hill’s entire investment team shares the same proven intrinsic value investment philosophy focused on absolute returns, and the firm’s interests are firmly aligned with its clients through significant investment in its strategies. For more information on Diamond Hill, visit www.diamond-hill.com.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. 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.
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