CITI AWARDED MANDATE BY TWIN HAVEN CAPITAL PARTNERS TO DELIVER SUITE OF HEDGE FUND ADMINISTRATION SERVICES
Citi to Provide Full Range of Back- and Middle-Office Solutions, Including Bank Debt Services
New York - September 16, 2009 – Citi today announced that it has been awarded a mandate by Twin Haven Capital Partners to provide the alternative asset management firm with a comprehensive portfolio of back- and middle-office administration services, including bank debt administration. This latest mandate adds to Citi’s existing portfolio of $65 billion in bank debt assets under administration.
"Twin Haven, whose principals are established leaders in the alternatives space, has demonstrated its investment foresight by recognizing the market opportunity that bank and distressed debt presents," says Mike Sleightholme, Managing Director, Hedge Fund Services-North America, Citi. "By selecting us to deliver our comprehensive suite of solutions to support its growth, Twin Haven has strengthened our stature as the dominant service provider in bank and distressed debt and underscored our market-leading capabilities in back- and middle-office hedge fund services."
Citi’s comprehensive suite of hedge fund services comprises post-trade and presettlement activities, including daily trade processing, reconciliation and daily P&L reporting, in addition to OTC services, bank debt administration, collateral management, corporate actions, cash management and risk reporting. The offerings - designed from a fund manager’s standpoint -- help hedge fund managers diversify counterparty risk, gain more frequent independent verification of their holdings and valuations, and ultimately focus more of their professional, financial and technological resources on making investment decisions.
Citi’s bank debt administration services are powered by Virtus Partners collateral loan administration platform which provides clients with direct access to documentation and enhanced portfolio analytics.
Citi’s Alternative Investment Services provides end-to-end solutions for hedge fund and private equity managers. These solutions include pre-trade and execution services, middle office services, fund accounting, fund administration, transfer agency, custody and cash management. Additional investor solutions include mutual fund services, trade clearing, escrow and trustee, depository receipts, securities finance, prime finance and foreign exchange. In collaboration with its Institutional Clients Group, acting through different Citi entities, Citi can bundle services into structured product solutions. As the industry evolves and asset managers around the world strategically enter into new markets, Citi has the modularity of offerings, flexibility of choice and the singular capability to support new fund products to a wide-ranging client base.
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.