Citigroup Launches Alternative Investment Administration Services in Asia Pacific

Hong Kong – Citigroup's Global Transaction Services has launched Alternative Investment Administration Services in Asia Pacific. These services include fund and portfolio accounting, general ledger accounting, shareholder record keeping, corporate secretarial services and customized statements and reports. The service will benefit hedge fund mangers by easing their administration burden. In effect clients will be outsourcing their administration requirements to Citigroup.

This outsourcing, coupled with the front office capabilities, means that in Asia Pacific, Citigroup can now provide a comprehensive array of solutions for hedge fund managers, from prime brokerage through to back office administration requirements. Citigroup is a leading provider of Alternative Investment Administration Services around the world and the launch of this servicing capability in Asia Pacific will complement the growth of the Asia Pacific business.

"Hedge fund managers increasingly want an integrated service provider. The combination of prime brokerage and alternative investment administration services means Citigroup is able to offer clients the complete transaction banking service. From fund administration, to global custody and cash management to prime brokerage, Citigroup can now offer the full service to clients in Asia Pacific,' said Matthew Brown, Asia Pacific Head of Funds Services at Citigroup.

Through the relationship with Linedata's Beauchamp, Citigroup's Global Transaction Services and Prime Brokerage businesses offer the ability for hedge fund managers to have co-ordinated and integrated systems. The system in effect connects the back and front office via the OpenPrime system, an open architecture system that provides secure end-to-end capabilities including trading, order and portfolio management, and accounting.

Asia Pacific is one of the fastest growing regions in terms of funds under management. According to Eurekahedege, the number of new fund launches is forecast to hit 216 in 2006, up from 95 in 2003 and assets under management have doubled since 2003, according to data from Eurekahedge.

"The significant growth in alternative investment funds in Asia Pacific has fuelled demand for quality back office support services to hedge fund managers. The launch of this service offers clients the opportunity to ease their administration burden and to allow one service provider to offer an integrated solution to meet all their needs," said Citigroup's Brown.

Top rated overall by Global Custodian magazine's Hedge Fund and Mutual Fund administration surveys in 2006 for the sixth consecutive year, Citigroup is the world's leading provider of fund services to the global investment industry.


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