Citi Private Bank Selects Charles River IMS and OpenAi

12 February 2014

Citi Private Bank today announced that it has selected the Charles River Investment Management Solution (“Charles River IMS”) as Citi Investment Management’s portfolio management system, and Citi OpenAi (“OpenAi”) as its middle-office services provider and portfolio accounting system.

Citi Private Bank advises the world’s wealthiest, most influential individuals and families. Citi Investment Management (“CIM”) is the firm’s core discretionary investment management business, with a history of managing portfolios for clients since 1935 and with approximately $27 billion in global assets under management as of December 31, 2013. The global team has expertise in managing regionally relevant core asset classes including equities, fixed income, hedge fund of funds, multi-asset class and bespoke investment strategies. 

Charles River IMS, a front- and middle-office investment management solution, will enable CIM to have a single, global solution for portfolio management and modeling, order management, trading, and pre-and post-trade compliance. At the same time, OpenAi, offered through Citi’s Investor Services, will handle middle-office trade processing and reconciliation, information delivery and reporting technology. Built on an integrated data management model, OpenAi will provide CIM’s investment managers direct access to operational workflow throughout the client service lifecycle by connecting Citi’s trading platforms and processing systems, third-party providers, custodians and market data sources, and will allow managers to view and customize data online.

“Our transition from proprietary systems to the Charles River and OpenAi platforms underscores Citi Private Bank’s commitment to grow our investment management business by investing significantly in the latest technology to service our ultra high net worth clients,” said Mark Davidson, Chief Operating Officer, CIM. “And following the conclusion of an extensive search for the right vendor, we were thrilled that the best middle-office and portfolio accounting solution for us, OpenAi, was presented by Citi’s own Investor Services,” Davidson continued.

“In an environment of expanding regulatory oversight and increased operational complexity, it is critical to have access to key portfolio data across multiple counterparties, fund structures and geographies,” said Mike Sleightholme, Global Head of Hedge Fund Services, Investor Services, Citi.

“Charles River IMS gives firms like CIM advanced tools and functionality that make portfolio managers and traders more effective,” said Tom Driscoll, Global Managing Director, Charles River. “The solution’s integrated portfolio modeling, construction and real-time trading streamline front- and middle-office processes, reducing clients’ time to market for new investment products and services.”  

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