EAST CAPITAL APPOINTS CITI AS CUSTODIAN, ADMINISTRATOR AND TRANSFER AGENCY
LONDON - July 1, 2009 – Citi today announced that its Global Transaction Services business has been appointed by East Capital, a leading independent asset manager specialising in Eastern European financial markets, to provide Custody, Fund Administration, Cash Management and Transfer Agency to its new Special Opportunities Fund. The fund is focused on acquiring undervalued assets in special situations where market correction, liquidity, company or owner specific issues have created distressed valuations.
East Capital recently launched its Special Opportunities Fund to invest across all sectors in Central & Eastern Europe. Investments will be made in listed, or otherwise traded, equity securities, on or off major indices. The fund will focus on sound companies with distressed like valuations, matching its overall investment criteria.
Robert Vicsai, Product Manager, East Capital, said "For many years, we have enjoyed a valuable association with Citi as they have been invaluable in acting as our Custodian. Given the East Capital Special Opportunities Fund's primary focus will be on Russia, other CIS countries and the Balkans, we felt strongly that Citi was an obvious choice not only because of its strong Central & Eastern European franchise, but because of the expertise of its professionals and capabilities in a wide and diverse range of markets."
Richard Ernesti, Global Head of Investor Services Client & Sales Management, Citi, said, "We look forward to strengthening our relationship with East Capital. There hasn't been a better time to invest in the distressed market in recent memory, and we are delighted East Capital has chosen our network in order to help it seize the advantage in this investment environment. Through our resources, technology, expertise and global footprint, we are able to leverage our institutional capabilities across the Citi enterprise to deliver optimal solutions for our clients".
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 www.citigroup.com or www.citi.com.
About Citi Global Transaction Services
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 organisations 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.