Citi Appointed by Asian Asset Manager Value Partners To Provide Global Custody, Fund Administration and Fiduciary Services For Its First UCITS Fund
Dublin, London - July 30, 2012 – Citi was awarded a mandate by Value Partners Group Limited (“Value Partners”), one of Asia’s largest asset management firms with assets under management of over US$7.2 billion, to provide a complete suite of global custody, fund administration, and fiduciary services for Value Partners’ first UCITS-compliant fund- Value Partners Absolute Greater China Classic Fund. Launched in June 2012, the new UCITS fund is a sub-fund of Value Partners Ireland Fund plc, a Dublin-domiciled umbrella company regulated by the Central Bank of Ireland.
“Given the current challenging macro environment and the European sovereign debt crisis, investors are keen to explore fund products that have an Asian focus and exposure” said Mr. Timothy Tse, Chief Executive Officer of Value Partners. “This UCITS fund provides investors with an opportunity to access the strong growth potential in Greater China at a relatively attractive valuation through a well-recognized, regulated vehicle. We are confident that Citi’s global custody network, coupled with its regional expertise and scalable fund services platform will bring added value to our investors.”
Citi is a leading global service provider to the fund industry with over $1.5 trillion in assets under fund administration. In addition to its integrated fund administration offering, Citi offers fund and partnership accounting, transfer agency and distribution support, alternative investment services and a full suite of asset manager solutions through Citi OpenInvestorSM.
Dirk Jones, Global Head of Securities and Fund Services Client Sales Management said: “We are very pleased to have been selected by Value Partners to provide custody and fund administration services to its first UCITS funds. As investors continually look for new investment opportunities across multiple geographies and emerging markets, Citi’s on-the-ground presence in over 100 markets can help leading fund managers such as Value Partners expand their reach and business. This mandate is testament to the strength of our global network as well as our robust fund services platform. We look forward to leveraging these resources to help Value Partners achieve their growth objectives.”
Citi OpenInvestor is the investment services solution for today’s diversified investor, combining specialized expertise, comprehensive capabilities and the power of Citi’s global network to help clients meet performance objectives across asset classes, strategies, and geographies. With a network that spans more than 95 countries and over US$13 trillion in assets under custody, Citi offers award winning service and unmatched scale. Citi provides complete investment services for institutional, alternative, and wealth managers delivering middle office, fund services, custody, investing and financing solutions focused on clients’ specific challenges, customized to their individual needs.
About Value Partners Group Limited
Value Partners is one of Asia's largest asset management firms with assets under management of over US$7.2 billion (approximately EUR [6.2 (to be updated)] billion) as of 31 May 2012 (unaudited Group AUM). Since its establishment in 1993, it has been a dedicated value investor with a focus on the Greater China region. In November 2007, the Value Partners Group became the only asset management firm listed on the main board of the Hong Kong Stock Exchange (Stock code: 806 HK). The company manages absolute return long-biased funds, long-short hedge funds, exchange-traded funds, quantitative funds, and private equity funds for institutional and individual clients in the Asia Pacific, Europe and the United States.
Value Partners Ireland Fund plc (the “Company”) is authorized and supervised as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011. Authorization of the Company shall not constitute a warranty as to the performance of the Company nor liability for the performance or default of the Company. The authorization of the Company is not an endorsement or guarantee of the Company.
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 Citi Transaction Services
Citi 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 95 countries, Transaction Services supports over 65,000 clients. As of the second quarter of 2012, it held on average $396 billion in liability balances and over $12 trillion in assets under custody.