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Fund Administration Services

If you seek total administration of all your operational functions... if you require comprehensive regulatory, financial and reporting services... if you want to assemble a complete array of post-NAV financial services in a single, integrated package... consider Citi's Fund Administration services.

Citi is among the world's largest providers of mutual fund administration services. Citi takes an active role in developing, implementing, and continuously training associates on Best Practice policies and procedures. As result, Citi's clients are well positioned to focus on building a profitable, compliant fund offering, knowing that Citi's sound infrastructure and dedicated administration service team is behind them.

Financial Administration
Citi's financial administration services include:

  • Preparation of annual and semi-annual financial statements
  • Preparation of annual expense budgets and periodic accrual analysis
  • Coordination of expense payments
  • Preparation and distribution of portfolio performance
  • Preparation and filing of Forms N-CSR, N-SAR, 24f-2 and N-Q
  • Independent audit coordination

Fund Compliance
Citi's dedicated team of fund compliance professionals provides comprehensive portfolio compliance monitoring, SEC audit preparedness and support, and regulatory tracking and communications. Averaging over seven years in the mutual fund compliance arena, our compliance associates maintain strict controls, including written policies and procedures, over the adequacy and accuracy of the monitoring services we provide.

Citi's fund compliance services include:

  • Comprehensive compliance monitoring and reporting
  • Customized, fund specific tests for prospectus, 1940 Act, and IRS compliance
  • Daily testing based upon fund accounting source data, such as security type, issuer and industry codes, security maturity, and ratings
  • Web-based access
  • Support for regulatory examinations
  • Compliance training for investment and compliance professionals

Tax Services
Citi's Tax Services team is comprised of experienced tax professionals who provide the following tax services to clients:

  • Distributions - Citi calculates the required income and capital gain distributions in accordance with federal tax law. Additionally, we maintain a dividend calendar for each fund to ensure that the distributions are made within the prescribed time limits. We also review all dividend distributions to ensure that they are deductible under federal tax law.
  • Tax Disclosures - Citi prepares all the tax disclosures required for a fund's annual report, including those required by GAAP, the SEC and all 60-day designations as required by federal tax law.
  • Tax Returns - Citi coordinates the preparation of all federal and state tax returns for the fund with the fund's chosen accounting firm or prepare such returns depending on the terms of our engagement.
  • Shareholder Reporting - Citi coordinates the preparation and distribution of year-end shareholder tax reporting information with the fund's transfer agent, including preparation of all supplemental information required for shareholders to prepare federal and state income tax returns.
  • Distribution Planning - Citi assists portfolio managers regarding upcoming distribution plans, including tax-lot selection and wash sale monitoring.
  • Tax Consulting Services - Citi provides tax-consulting services relative to structuring fund mergers, acquisitions and liquidations. We also monitor changes in tax laws that affect the fund.

Treasurer Services
The Treasurer Services team averages over 15 years of experience with mutual fund financial reporting, including fund accounting operations and auditing. The Treasurers may serve as our client funds' principal financial officer, oversee the evaluation of fund disclosure controls and procedures required under the Sarbanes-Oxley Act, and may also serve as a liaison to fund boards, audit committees, and independent auditors. These highly skilled individuals are integral to the implementation of Best Practices and provide invaluable guidance on accounting and regulatory matters.

Regulatory Administration Services
Citi is unique as a fund administrator that offers a comprehensive set of regulatory administration services that enables our clients to leverage internal staff and reduce expenditures, while providing a quality work product that consistently meets or exceeds client expectations. By combining our experience and industry knowledge, including thought leadership positions, Regulatory Administration Services is able to provide legal support services that are effective, efficient and responsive to emerging industry needs.

  • Coordinate production and distribution of Board books
  • Assist with gathering special materials related to annual contract renewals and approval of fund-related plans, policies and procedures
  • Attend Board meetings & record the minutes
  • Prepare, subject to counsel's review, the annual update to the Company's registration statement on Form N-1A
  • Prepare supplements to the Prospectus and Statement of Additional Information for existing funds, and file with the SEC, in consultation with the Company and its counsel

Sarbanes-Oxley Support
Citi has been very proactive with our clients in helping them understand the various impacts of Sarbanes-Oxley to the mutual fund industry and, particularly, to their funds. Citi provided clients implementation matrices, in addition to summaries on responsibilities and duties of various service providers and certifying officers.

Citi is an active partner in coordinating and maintaining the disclosure controls and procedures documentation of the fund in accordance with Sarbanes-Oxley. Specifically, as Administrator, Citi coordinates relevant documentation, significant disclosure controls and procedures from the primary vendors of the fund, including the investment adviser, fund accountant, administrator, transfer agent and custodian. Accordingly, Citi provides specific documentation for any role in which it serves, which would be combined with the other vendor documentation to support the overall fund documentation. Additionally, Citi works closely with the certifying officers or the clients to satisfy their expectations and obtain timely certifications.