PACIFIC INCOME ADVISERS RENEWS AND EXPANDS OpenSMASM RELATIONSHIP WITH CITI
Latest Mandate Includes full business process outsourcing (BPO) services supporting Institutional Accounts and Retail Managed Accounts totaling $3.5 billion in Assets using a single unified platform
New York, NY - October 22, 2009 – Citi today announced that it has expanded its long-standing relationship with Pacific Income Advisers with a new five year mandate to deliver full Business Process Outsourcing (BPO) services from one unified platform for the investment advisory firm's institutional accounts in addition to retail managed accounts with a total of $3.5 billion in assets. These additional responsibilities complement the retail separately managed account services Citi has been providing through its OpenSMASM platform since 2005.
"During our long relationship, Citi has supported our growth by allowing us to concentrate on what we do best – develop our business, manage our investment portfolios and deliver superior service to our clients," says Tim Tarpening, Executive Vice President, Pacific Income Advisers. "Using Citi's OpenSMASM we can manage all our asset classes from one single platform. In addition to significant savings resulting from the elimination of disparate in-house systems, Citi's Order Management System dramatically expands our ability to scale our fixed income account volumes using bond characteristic based modeling. It makes our capacity virtually unlimited."
"We are very pleased that Pacific Income Advisers has selected us for this latest mandate providing our unified platform for their multiple lines of business," said Neeraj Sahai, Citi's Global Head of Securities and Fund Services. "This new agreement supports the acceptance of our operating model to deliver a single platform that can support an investment manager's front to back-office processing needs across business lines."
In addition to its Investment Administration Services for institutional, high net worth and separately managed accounts, Citi's Investor Services include mutual fund and alternative investment solutions, local and global custody services and securities finance.
Through its Securities and Fund Services business Citi provides institutions worldwide—institutional investors, intermediaries and issuers—with an unparalleled portfolio of offerings that enable them to grow, reduce cost and mitigate risk. With over $11 trillion of assets under custody and the industry's largest proprietary network, clients can also leverage Citi's strength in capital markets to extract value across the entire investment value chain.
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 third quarter of 2009, it held on average $314 billion in liability balances and $11.8 trillion in assets under custody.
About Pacific Income Advisers
Pacific Income Advisers (PIA) is a leading independent, employee-owned investment advisory firm, managing approximately $4 billion (as of 6/30/09) in fixed income and equity assets for institutional and private clients worldwide. Since our inception in 1986, we have applied a disciplined, relative value approach to produce attractive "risk-adjusted" returns. As a bond manager, we were among the first investment firms to build an investment discipline bas on yield curve analysis. We offer a wide variety of investment strategies and invite you to learn more about our investment approach and services.
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.