Citi Investor Services has launched a global operating platform exclusively for hedge funds. It features increased automation and standardised processing.
The platform has been in development since the acquisition of the Bisys back office business in 2007.
“All new business is going directly onto the platform and we are progressively moving existing clients over, which should be complete by the end of 2010,” said Marion Mulvey, head of alternative investment services for Europe, the Middle East and Africa at Citi.
“The idea behind the platform is to offer a consistent service to investors no matter where they are located, as hedge funds increasingly offer products across a range of domiciles, said Mulvey.
Technological upgrades have been implemented in preparation for the launch. “We essentially reviewed everything that we used from front to back, our file acquisition systems, our core portfolio accounting platform, our technology for share class allocations and our reconciliations, too,” added Mulvey.
Citi has also invested in a web portal where clients can access their information.
“We’ll continue to phase in enhancements to the platform, and certainly continue to invest in the technology architecture,” concluded Mulvey.
Globally, Citi Transaction Services, of which Citi Investor Services forms part, has $148.67 billion of hedge fund assets under management, according to the data collected by ICFA magazine. Assets located in Europe, Middle East and Africa make up $24.23 billion.
The news dovetails with a trend of increasing automation in the industry. Citi recently announced it is aiming to automate all of its derivative valuation business, beginning with credit and interest rate products by the end of 2010.
Source: http://www.hedgefundsreview.com/hedge-funds-review/news/1601776/citi-unveils-operating-platform-hedge-funds
Related posts:
