Citi launches New Depositary Offering in Sweden
Citi has been awarded a mandate from Brummer & Partners, Sweden's largest hedge fund manager, to provide depositary, custody and prime brokerage services for its recently-launched Carve fund.
“We are delighted to appoint Citi for our new Carve funds,” said Peter Thelin, CEO and Portfolio Manager at Carve Capital. “Citi’s local presence, proprietary global sub-custody network and its ability to offer a multi prime brokerage model for Swedish investment funds, putting Sweden in line with the rest of Europe, have been important factors in our decision.”
Building on this mandate, Citi is now able to provide local depositary, custody and prime brokerage services in Sweden. Through the new offering, Citi can support locally domiciled funds with independent depositary capabilities including oversight of funds’ service providers, safekeeping of funds’ assets, as well as daily automated monitoring of funds’ investment guidelines and regulatory restrictions.
Citi has had a presence in Sweden since 1976. The company offers a broad range of financial services and products across the full spectrum of Corporate and Investment Banking, Global Markets and Transaction Services.
"We are thrilled to provide depositary and custody services in Sweden,” said Sanjiv Sawhney, EMEA Head of Securities and Fund Services at Citi. “This new offering as well our appointment by one of Europe's longest established and most successful hedge funds further strengthen our presence in this growing and promising market. We look forward to leveraging our global network to support the local investment community.”
With offices in Hong Kong, London, New York, Singapore, Sydney, San Francisco and Tokyo, Citi is one of the world's leading providers of Prime Brokerage services, leveraging Citi's global distribution network and worldwide relationships to provide consistent, high quality service and innovative solutions.
”We are delighted to be chosen as Prime Broker for the Carve fund,” said Mark Harrison, European Head of Prime Finance at Citi. ”In bringing together our Swedish Depositary and our global Prime Finance business, we have created a compelling and integrated offering allowing the Swedish onshore Hedge Fund community to benefit from Citi’s Multi Prime Brokerage model.”