New York - June 05, 2009 – Citi today announced that OpenWealthsm, its Unified Managed Household (UMH) servicing platform, has received the 2009 "Excellence in Business Process Management" Award from FSO Knowledge Xchange. OpenWealthsm is the first UMH servicing platform providing automated household portfolio and tax optimization for investors serviced through distributors and sponsors of wealth management.

FSO Knowledge Xchange is a business-to-business media and research company, which focuses on all aspects of financial services worldwide. Its annual "FSOkx Excellence Awards" program - now in its second year -- recognizes excellence in financial services transformation as determined by a panel of judges comprised of thought leaders and visionaries in the financial services sector.

"We are very proud that FSO KnowledgeXchange has recognized OpenWealthsm with this prestigious award for excellence in business process management," says Chandresh Iyer, Head of Global Custody and Investment Administration Services, Citi. "This honor is additional evidence that our technology-led service innovation is continuing to deliver value-added solutions to our clients, which, in turn, can provide superior service to their customers."

In the FSOkx Excellence Award application, a Citi wealth management client noted: "Our selection of Citi's OpenWealthsm platform allows us to meet the needs of our clients with industry-leading customized, goal-oriented portfolio management that is responsive to individual client objectives and investment preferences. OpenWealthsm reduces the number of systems and parties with which we need to interface to deliver a highly flexibility managed account platform capable of handling a broad array of investment products."

"We were very impressed by the quality of the submissions in this year's Excellence Awards program, which we established as a small but significant step to applaud the resilience and brilliance exhibited by financial services entities worldwide," says Rekha Vatsa, CEO, FSO Knowledge Xchange. "In the especially competitive Business Process Management category, Citi's OpenWealthsm was highly deserving to win the top prize."

Citi's OpenWealthsm aims to help sponsors grow and manage client assets by providing an all-in-one environment that supports multiple products. It will no longer be necessary for sponsors to run multiple platforms to support different types of investment products in order to provide a total solution for clients. OpenWealthsm delivers a streamlined and efficient approach to serving a complex variety of sponsor needs.

With OpenWealthsm, Citi is delivers a scalable platform and related services to allow clients to service Unified Managed Households, which facilitate:

  • Investment and tax optimization through goal oriented portfolios across an investor's household
  • Automated overlay management and rebalancing with preset or adjustable strategies and allocations
  • Support for multiple investment products and programs (WRAP Funds, Exchange Traded Funds, Separately Managed Accounts, Unified Managed Accounts, Rep-as-Portfolio Manager) using an all-in-one platform
  • An end-to-end system for the financial advisor's desktop with functionality beginning with automated proposal generation through to the retail custodian system
  • A web based platform that can be branded and customized by sponsors
  • Investment, operating and compliance officer access to robust, customized risk controls, compliance monitoring, violations alerts, and entitlements.

With OpenWealthsm, Citi adds an important service to its suite of industry leading solutions supporting the wealth management industry, combining best-in-class technology with superior customer service.

Global Transaction Services, a division of Citi's Institutional Clients Group, 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 that spans more than 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the first quarter of 2009, it held on average $278 billion in liability balances and $10.3 trillion in assets under custody.

About Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides 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. Additional information may be found at or