Citi Wins Hedge Fund Administration and Custody Mandate from HuaAn Asset Management
Hong Kong - October 31, 2011 – Citi’s Securities and Fund Services, part of the Global Transaction Services division, has been appointed Hedge Fund Administrator and Custodian for HuaAn Asset Management Hong Kong (HAAM). HAAM is one of China’s largest fund management firms and Shanghai’s largest asset management company.
Citi will provide customized services to HAAM’s Long-Short Greater China-focused fund management business. Services offered will include daily net asset valuation, custody and hedge fund administration.
The mandate demonstrates Citi’s commitment to hedge fund administration and its continued success in developing strong relationships with Chinese asset managers in Hong Kong. Citi offers these asset managers a market-leading innovative solution: a seamless, tailored service that combines fund and custody solutions for funds, as well as performance fee accounting for funds.
In combination with its extensive local experience, Citi’s global reach was also a key factor in winning this business. Citi not only provides mainland fund managers with fund distribution opportunities in Hong Kong, but it also offers direct market access in the U.S. through the bank’s far-reaching home-market network, providing Chinese funds with a key stepping stone as they expand internationally.
David Russell, Regional Head, Asia Pacific, Securities and Fund Services, Citi, said, "Our appointment by HAAM builds upon the strong working relationship Citi has with the company’s office in China and we are pleased to introduce HAAM to our global network. It is also a valuable opportunity for Citi to showcase its expertise and experience in supporting asset managers at a time when Chinese asset management companies are growing internationally."
George Ding, Deputy CEO of HuaAn Asset Management said, "HuaAn continues to grow its business in size and scope, which requires sophisticated and comprehensive fund administration and custody solutions. With its global network and local expertise, Citi is a strong partner for our expansion plans. We look forward to building on this partnership with Citi on this important initiative to support the ongoing success of our business in Greater China. I would also congratulate Craig Chen and his team at HuaAn to deliver meaningful returns for our investors through the recently launched HuaAn Genesis China Thematic Long Short Equity Strategy."
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 $12.5 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.
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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About Global Transaction Services
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 third quarter of 2011, it held on average $365 billion in liability balances and $12.5 trillion in assets under custody.
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 $12.5 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.