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What's New for Investors?

March 2012

Citi's investment services solutions combine our specialized industry expertise and capabilities with the power of Citi's global network to help you meet your performance objectives across asset classes, strategies and geographies.

We are excited to share with you recent highlights in our investor-servicing business solutions, including innovations, client partnerships, industry recognition and market trends.

Market Trends

Collateral Optimization – A Fund Managers Perspective

Pending derivatives regulations in Europe and the U.S. will most certainly lead to massive increases in the amount of collateral that is required. This OpenCollateralSM News article explores these effects and examines some of the options available to investment managers to use collateral most efficiently.

Form PF – The Impact on Private Fund Advisers

Form PF has been adopted by both the SEC and the CFTC. It requires all registered advisers to hedge funds, liquidity funds and private equity funds with at least $150 million in private fund assets under management to develop a reporting infrastructure to comply with the regulations. This whitepaper outlines the requirements of the new regulatory report and potential impact to private fund managers.

Private Fund Advisers: Compliance Program Considerations

Many managers of private equity and hedge funds will be required to register as an Investment Adviser with the SEC by March 30, 2012 for the first time. Upon registration with the SEC, a Private Fund Adviser will also have to comply with the Advisers Act and its rules, including the requirement to appoint a Chief Compliance Officer and establish written compliance policies and procedures. This article provides insight regarding key components to be considered as part of an investment adviser's policies and procedures, as well as other key elements of a compliance program.

Issues Facing Financial Advisors in Meeting Likely Fiduciary Standard

Financial advisors will likely face new issues in the wake of potential new rulemaking recommended in an SEC Staff study related to uniform fiduciary standards for both broker-dealers (BDs) and registered investment advisors (RIAs). This paper, entitled "Broker-Dealers as Fiduciaries? How the SEC Staff's Study Could Raise the Bar for Investment Advice", describes the challenges facing financial firms in meeting these new standards. Higher levels of automation and integration of wealth management tools will be essential to meeting SEC staff recommendations.

Client Spotlight

Citi Appointed by ProShares Trust to Provide Regulatory Administration Services for Its Exchange Traded Funds

Citi today announced that it has been appointed by ProShares Trust, an industry leader in alternative exchange traded products, to provide Regulatory Administration services for its exchange traded funds.

Citi Wins Mandate to Provide Administration Services for $28 Billion of US-based Alternative Investment Assets for Credit Suisse's Asset Management Division

Citi announced an agreement with Credit Suisse's Asset Management division to provide a comprehensive suite of middle office, custody and hedge fund administration services to support a portion of its US-based Alternative Investments business.

Did You Know?

Greg Seward
Fund Administration Operations
Citi Investor Services

Citi's Gregory Seward Receives NICSA Committee MVP Award

In recognition of outstanding contribution, the co-chairs of the NICSA Fund Administration/Custody Committee have selected Mr. Greg Seward as the committee's MVP for 2011. The award was presented on Monday, February 13, 2012 at the NICSA 30th Annual Conference & Expo in Miami.

Mike Sleightholme
Global Head of
Hedge Fund Services
Citi Transaction Services

Citi's Mike Sleightholme to Speak at the GAIM Ops Cayman Conference

Monday, April 23, 2012 at 8:20 a.m.
Ritz Carlton, Grand Cayman

Mr. Sleightholme is speaking on the first day of the GAIM Ops Cayman Conference on the panel called "Key Macro Trends in the Hedge Fund Industry."

Hedge Funds Care – Wednesday, April 18 (4:30pm–9:00pm)

11th Annual San Francisco Open Your Heart to the Children Benefit. Citi is a proud sponsor of Hedge Funds Care and looking forward to a fun evening with a special appearance by the San Francisco 49ers. The event takes place at the Bently Reserve, 301 Battery Street, San Francisco, CA.