West Palm Beach (HedgeCo.net) – Citi is opening a daily operational suite of solutions for hedge fund managers that they hope will improve efficiency and allow managers to focus on optimizing investment decision making.
"The Hedge Fund Middle Office service has been designed to improve operational efficiency and transparency for hedge fund managers by providing independent third party operations," said Chandresh Iyer, Head of Global Custody and Investment Administration Services at Citi. "It can be used either on a stand-alone basis, or in conjunction with Citi’s suite of Hedge Fund Administration services," he added.
Citi’s Hedge Fund Middle Office services include a comprehensive suite of post-trade and pre-settlement services which are scalable and modular. The services are global and include technology solutions that help manage daily trade processing and P&L reporting, OTC confirmation and valuation, collateral management, corporate action processing and cash management. In addition, Citi’s solution allows hedge funds to move to a more variable operational cost model – an especially attractive feature in the current cost-constrained environment. Hedge Fund Middle Office services are available to funds operating in North America, Latin America, Europe and Asia-Pacific.
With the addition of Hedge Fund Middle Office, Citi’s Global Transaction Services now offers an end-to-end hedge fund servicing platform. The solutions include administration, custody and OpenPrime, a portfolio management and order management system that is prime broker agnostic.
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 first quarter of 2009, it held on average $278 billion in liability balances and $10.3 trillion in assets under custody.