Nexum Appoints Citi to Service Luxembourg Domiciled Hedge Fund
Luxembourg, London – Citi today announced that it has been appointed by Nexum to service its Luxembourg domiciled hedge fund. Citi will act as fund administrator, transfer agent, and custodian and provide prime brokerage services and compliance monitoring. The solution is live and all assets have been successfully migrated onto Citi's common funds administration and custody platform in Luxembourg.
Thomas Lifvendahl, Managing Director at Nexum, said, "Citi's position as a leading corporate bank with investor services and prime brokerage capabilities combined with its global network and local capabilities in Luxembourg made them a natural partner for us. Citi responded to our need for a single provider who could offer in house prime brokerage for a wide range of financial instruments and strategies, full automation and STP processing and consistent reporting."
Marc Pecquet, Citi Country Officer for Luxembourg, said, "We are thrilled to be working with Nexum. Citi's appointment by Nexum underscores our commitment to becoming the administrator of choice in the alternative investment marketplace globally and in Luxembourg. Nexum is our first Luxembourg domiciled hedge fund client and we look forward to providing them with the finest service, products and technology available."
Alternative asset administration is a growing business at Citi. Citi currently has $42 billion of alternative assets under administration and to further demonstrate its commitment to the space, Citi recently announced the formation of Hedge Fund Services, a joint venture between Citi capital markets and transaction services to provide hedge fund clients with a comprehensive and integrated offering that includes financing, prime brokerage, consulting, administration services and operational support. In May, Citi also announced the acquisition of Bisys Group, Inc., a top-five hedge fund administrator and mutual fund services provider. When the transaction closes, Citi will strengthen its position as a market leading provider of hedge fund and mutual fund services and become a top-tiered administrator for the private equity industry.
Citi is ranked among the five largest fund services providers in Luxembourg with approximately $147 billion of assets under administration for over 100 individual distributors who distribute funds in over 50 countries. Citi services Luxembourg domiciled traditional funds, alternative funds, exchange-traded funds, pension funds and structured funds in the country.
Nexum is a hedge fund investing in European high-yield debt instruments focusing on issuers in the Nordic region. The investment objective is to achieve strong risk adjusted returns with low correlation to equities and government bond markets. The investment process is research driven and investments are long-term and value based. The inception date of the fund is 1 July 2005 and currently Nexum has firm assets of €70million. Additional information may be found at www.nexumcapital.se.
Citi, 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 Citi's trademark red arc include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.