Harding, Loevner Appoints Citi To Be Service Provider For Separately Managed Accounts
New York, October 18, 2007 – Citi Markets & Banking today announced that Harding, Loevner Management, L.P. has appointed it to be the service provider for the investment advisor’s retail separately managed accounts (SMA) business. Noted within the industry for its flagship international ADR strategy, Harding Loevner’s SMA business comprises approximately 4,800 retail accounts and represents $1.2 billion in assets under management.
“To support the accelerating growth of our SMA business, we appointed Citi as our service provider because of its unique market experience, industry knowledge and technological capabilities,” says David Loevner, President, Harding, Loevner Management. “Particularly important in our decision to select Citi is its ability to deliver a single front-end trading application capable of supporting step-out trading to our choice of broker or electronic destinations, thereby helping us seek best execution of our trading orders. Also, Citi’s scalable trading application will allow Harding Loevner to accept invitations into sponsor channels that we previously had to decline due to trading efficiency or execution considerations.”
“We are pleased to be able to provide Harding Loevner with the technology and operations support it needs to enhance its competitive position in the SMA space,” says Andrew Clipper, Product Manager, Citi’s Investment Administration Services. “Harding Loevner can now focus on growing its business and serving clients while we deliver innovative trade order generation and trade routing support for U.S. equity and ADR trade execution. We will also assume all back-office administrative tasks such as account suitability and set-up, reconciliation and performance composite maintenance.”
The foundation of Citi’s SMA capabilities is Citi’s Asset Manager Solutions for Separately Managed Accounts, a tightly integrated end-to-end operations platform. Asset Manager Solutions automates key functions and adds value through:
- Automated account opening and maintenance
- Document imaging and archival, auto fax and workflow management
- Portfolio manufacturing, modeling, maintenance, automated restriction and tax management
- Automated trade blocking and execution - including sponsor connectivity, step outs, trade-aways and direct market access
- Account and trade confirmation, allocation
- Automated reconciliation
- Trade order generation services for account opening, account maintenance, and model changes
- Electronic trade routing and best execution monitoring and reporting services
- Performance reporting, attribution, composite maintenance and portfolio analytics
- Electronic support for voluntary corporate actions
- Client communications and fulfillment
- Embedded compliance reporting and audit control
Citi's best-in-class services provide asset managers with a modular solution that promotes efficiencies and reduces operating costs, ultimately improving productivity and enhancing profitability.
About Harding, Loevner Management, L.P.
Harding Loevner is an independent, employee-owned registered investment advisory firm founded in 1989. The firm manages $6 billion in five related investment strategies – International (non-US) Equity, Global Equity, Emerging Markets Equity, International Small Companies Equity, and Global Multi-Asset. Consistent across all its strategies, the firm employs a fundamentally-based, company-focused stock picking approach to build portfolios from the bottom-up, comprised of the stocks of companies that are well-managed, financially sound, possess global competitive advantages and are positioned for superior growth. Harding Loevner is an investment advisor for a broad range of institutional clients that include major foundations, endowments, pension funds, public funds, and private family offices, as well as the Harding, Loevner Funds, Inc. family of mutual funds. Additionally, Harding Loevner has built a significant separately managed account business with leading independent and broker-dealer sponsored wrap-fee programs. Additional information may be found at www.hardingloevner.com.
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. Citi's major brand names include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.