Citi Appointed Hedge Fund Administrator For Fortelus Capital Management, LLP
NEW YORK, NY - Nov. 3 – Citi today announced it has been appointed by Fortelus Capital Management, LLP to provide hedge fund administration services to Fortelus’ distressed debt fund. Fortelus is a UK-based firm with over $500 million in assets under management focusing on providing equity and debt capital for businesses in transition. Citi will be providing hedge fund accounting, administration and investor services through its Global Transaction Services unit from office locations in Roseland, New Jersey and the Cayman Islands.
Bob Wallace, Citi’s Global Head of Fund Services, commented: “It is a privilege to be chosen by Fortelus and we are very pleased that they are using our services to administer funds that trade complex securities. We look forward to this partnership and supporting their growing business in this space.”
Andy Low, Operations Manager, Fortelus Capital Management, LLP commented: “We’re very excited to be working with a premier company in the hedge fund space. Citi is a firm with global presence and the expertise to meet the challenges of the daily accounting operations. I look forward to working with Citi as they have the right technology and people to provide the best service for our distressed debt fund.”
Citi’s Global Transaction Services offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network spanning over 140 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the 3rd quarter of 08, it held on average $273 billion in liability balances and $11.9 trillion in assets under custody.
Fortelus invests in European special situations, focusing on solutions for businesses in transition or distress. We provide capital for turnaround investments, ‘new money’ loans for expansion or stabilization of businesses, private equity investments, and purchases of debt. Our investment team has a proven ability to execute complex transactions in short time-frames in European special situations. Investment decisions are made quickly and reliably. Our swift decision making process and execution ability allow us to rapidly commit capital. Fortelus’s investment objective is to invest in the debt or equity of businesses or unique situations which may have been overlooked by traditional capital providers. For more information visit Fortelus at www.fortelus.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, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.