CITI WINS "INNOVATIVE PRIME BROKING" AWARD FROM THE HEDGE FUND JOURNAL
Citi’s OpenPrime Delivers Innovative Technology
NEW YORK - October 6, 2008 – Citi today announced that it received the award for "Innovative Prime Broking" at the 2008 U.S. Hedge Fund Journal Awards event. The Hedge Fund Journal cited Citi’s OpenPrime offering as the impetus for the award, basing its decision on criteria such as level of technology innovation, industry leadership and customer service.
OpenPrime is a broker-agnostic portfolio management and order management system. It provides secure end-to-end capabilities for trade routing, order and portfolio management and accounting. Citi hosts the solution for its clients, and fund managers can access the solution globally through the Internet.
"We created OpenPrime after hearing from our clients that they need better solutions to help manage the complexity of their operations. OpenPrime helps hedge funds of all sizes and strategies focus fewer resources on operational issues and more on making the very best investment decisions," said Alan Pace, Head of Prime Finance for the Americas at Citi.
The Hedge Fund Journal award recognized Citi Prime Finance and its OpenPrime service for giving hedge funds and asset owners employing so-called 130/30 strategies a new option for managing their portfolios and reducing operational risk in a multi-prime environment.
Chandresh Iyer, Global Head of Citi’s Investment Administration Services said, "OpenPrime is key to Citi’s front-to-back solution for hedge funds because it seamlessly connects trading activities to middle and back office processing. OpenPrime also provides a powerful historical view of the portfolio across multiple prime brokers, currencies, asset classes and strategies."
About The Hedge Fund Journal
With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has quickly established itself as a responsible and accurate source of information on the European hedge fund industry. The dedicated team behind The Hedge Fund Journal works hard to maintain a high standard of writing and presentation, mixing detailed profiles and interviews with news summaries, commentary, research, expert opinion and analysis. Our readership comprises investors of all descriptions, hedge and long-only managers, and service providers to the industry.
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, CitiiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.