Citigroup to Integrate CitiConnect for Securities with FundSettle
Enhanced offering will provide increased automation and straight through processing for institutional clients
Brussels, London and Sydney Citigroup Corporate and Investment Banking and Euroclear Bank, the operator of FundSettle, announced today that CitiConnect for Securities, Citigroup's online order to settlement transaction management system, will give institutional clients access to the automated and standardised fund-transaction order processing services provided by FundSettle.
CitiConnect for Securities is an open architecture, standardized global platform providing full trade life-cycle services for collective investment schemes, equities, fixed income and investment funds, including hedge funds. The new relationship with FundSettle will increase efficiency and provide institutional clients with centralised, automated access to more than 460 transfer agents throughout Europe.
Commenting on today's announcement, Neeraj Sahai, Global Head of Securities and Fund Services, Citigroup Corporate and Investment Banking, said, "CitiConnect for Securities delivers a unique operational offering by combining execution in equities, fixed income and collective investment schemes with our custody services through an order driven trade to settlement service. By embedding FundSettle in our open architecture platform we are maximising automation and delivery efficiencies to our clients."
Martine Dinne, Chief Executive Officer, at Euroclear Bank, added, "We are delighted with Citigroup's decision, particularly as it opens many new opportunities for FundSettle to serve indirectly the institutional market, a segment with which Euroclear Bank typically does not have direct relationships. By choosing Europe's only fully integrated fund-processing platform, Citigroup will enable its institutional clients to benefit from the wide range of services offered on FundSettle."
Through existing relationships with their custodians, institutional investors can gain maximum back-office efficiency with full straight-through processing via FundSettle, while remaining in control of their operational costs and focusing on their core activity -- investment management. The benefits include automation of the fund-dealing process, real-time reporting of order confirmations, and legal simplicity insofar as their contractual relationships remain exclusively with the custodians of their choice.
Citigroup (NYSE: C), the leading global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing 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, and wealth management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com
Citigroup Corporate and Investment Banking
Our Corporate and Investment Banking group achieves the extraordinary for our clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients – our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy. Core business lines under Citigroup Corporate and Investment Banking include Global Capital Markets, Global Banking and Global Transaction Services.
Launched in 2000, Euroclear Bank-operated FundSettle automates and standardises the straight-through processing of offshore and domestic fund transactions. FundSettle now provides a single access point for fund buyers to process subscriptions, redemptions, transfers and switches, covering more than 30,000 investment funds worldwide and over 460 transfer agents.
Euroclear is the world's largest provider of domestic and cross-border settlement and related services for bond, equity and fund transactions. Market owned and market governed, the Euroclear group comprises Euroclear Bank, based in Brussels, as well as Euroclear Belgium, Euroclear France, Euroclear Nederland and CRESTCo, the central securities depositories of Belgium, France, the Netherlands and the UK and Ireland, respectively. The total value of securities transactions settled by Euroclear is in excess of EUR 350 trillion per annum, while assets held for clients are valued at more than EUR 15 trillion. Euroclear Bank is rated AA+ by Standard & Poor's and Fitch Ratings. Additional information may be found at www.euroclear.com.