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Linedata Services today announced the licensing of its Beauchamp Hedge Fund Solution to Citigroup's Global Transaction Services and Prime Brokerage divisions. Branded as OpenPrimeSM, the new Citigroup operating platform developed specially for the hedge fund market, will be backed by Beauchamp's full product suite as a hosted solution and offered to Hedge Fund managers.

The Beauchamp suite provides full front-to-back functionality, including electronic trading, real-time positions/P&L and fund accounting. The software is multi asset class, multi currency and interfaces with multiple executing and prime brokers. It includes Beauchamp's leading real-time portfolio management capability that allows aggregation and examination of portfolios, with fully weighted P&L, and almost limitless custom reporting capability. The interfaces to multiple prime brokers are automated and include automatic reconciliations.

Nobel Gulati, Managing Director at Citigroup Global Markets, said "After completing an exhaustive review of vendor solutions available in the Order and Portfolio Management arena, we selected Beauchamp because it provides a very rich functionality set, focused exclusively on hedge funds, and the product has been proven over many years, across a very broad spectrum of clients and asset classes. The Beauchamp product suite is a core component of our initial offering, which we will integrate with a number of Citigroup's prime brokerage, execution and fund services products and solutions."

Stuart Farr, CEO of Linedata's Beauchamp business, said, "We are delighted with the Citigroup deal. Having provided software to over 250 hedge fund managers globally, encompassing managers of all sizes and all strategies, we believe this deal cements our leading global position in the hedge fund software market. Working with such a large number of hedge fund managers provides us with a unique insight into the demands of managers trading equity, fixed income, FX and credit in one fund, or hundreds, in one currency or a multitude. Requirements differ according to a manager's strategy and region, in both the front and back office - the Beauchamp product suite encompasses these differences."

Anvaraly Jiva, Chairman and CEO of Linedata Services said, "We are very pleased with the Citigroup relationship which further demonstrates our commitment to the hedge fund software business, a growing market inside our Asset Management division. This new partnership is perfectly in line with our objective to reinforce our leadership in the Asset Management industry."