Citi launches new technology platform for funds of hedge funds

8 October 2010

Citi has launched a new global technology platform aimed at servicing funds of hedge funds.

According to the bank’s Global Transactions Unit, which developed the product in collaboration with financial technology provider youDevise, the platform will enable hedge fund managers to support the lifecycle of a trade through a “single, seamless front-to-back online service”.

Managers of portfolios will be able to use tools to compare trading compliance with investment rules, analyse the liquidity of hedge fund investments and track the fund’s underlying performance.

Neeraj Sahai, global head of securities and fund services, said that the new platform should collate processes “for the benefit of servicing fund of hedge fund managers around the world”.

“Managers have direct, on-line access to our custody services, our suite of middle-office solutions and all standard administrative reports, resulting in greatly improved efficiency, accuracy, transparency and risk mitigation.”

Citi’s Global Transactions unit works with more than 65,000 clients and, as of the second quarter of 2010, holds an average of $11.3 trillion in assets under custody.

The division also has an average $320 billion in liability balances.

By Jim Ottewill

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