Citi Private Bank today announced that it has selected the Charles River
Investment Management Solution (“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.
IMS, provided by Charles River, a front- and middle-office investment
management solutions provider, 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.”
Citi (NYSE: C), the leading global bank, has approximately 200
million customer accounts and does business in more than 160 countries
and jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and services,
including consumer banking and credit, corporate and investment banking,
securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com
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Citi OpenAi is the information and reporting engine of Citi’s
alternatives solution. With over $500 billion of alternative assets
under administration, Citi is a leading provider of investment services
that help hedge fund managers ease operational and administrative
burdens. For more information, visit
openinvestor.transactionservices.citi.com
Charles River provides an end-to-end solution to automate front-
and middle-office investment management functions across asset classes
on a single platform. The solution offers a simplified operating model
that includes enterprise software, data, application
management/upgrades, hosting, and FIX network to improve investment
professional productivity, control risk and lower technology costs.
Charles River serves more than 350 investment firms in 43 countries in
the institutional asset and fund management, private wealth, alternative
investments, insurance, banking, and pension markets.
Copyright Business Wire 2014