Citco has won key mandates for administration and custody for hedge fund portfolios, from The City of Zurich Pension Fund and Tages Capital, following the recent sale of its banking institutional sub-custody processing business.
The City of Zurich Pension Fund has chosen Citco to provide administration, custody and related financial services to its $1.3 billion hedge fund portfolios. The mandate follows a series of other key wins from institutional investors, driven by demand for customized portfolios.
Earlier in the year Baloise Group, a European provider of insurance and pension solutions with CHF 54 billion of insurance assets, strengthened its long-standing relationship with Citco by deploying the ÆXIMO technology for outsourced middle office operations. It allows investors full portfolio planning and dealing, including liquidity reporting, asset allocation breakdown, compliance checks and performance reporting. The custodial system has been enhanced to offer a more granular data to Citco’s clients, information that Institutional Investors need to manage their portfolio.
Tages Capital, an independent investment and advisory group that allocates assets to alternative investment funds on behalf of institutional clients, also awarded Citco a mandate for administration and custody of two of its hedge fund portfolios. Richard Silver, CFO of Tages Capital says: “We chose Citco for its strong infrastructure, technological excellence and client driven solutions”.
The development of the ÆXIMO technology, enhanced risk, and foreign exchange service offering for fund investor client base allows clients to outsource FX hedging cycle, including both execution and calculation, with all the transparency benefits. The FX services are systematically audited on a quarterly basis and execution quality reports are produced by specialist external consultants which provide independent insights in to the effective spreads achieved as well as passing judgment on the effectiveness of Citco’s overall FX trading during the quarter.
William Keunen, global director of Citco Fund Services says: “Citco’s recent decision to exit the sub-custody business for financial institutions was driven by the commoditization of the business and the lack of ancillary services attached to it. We intend to now focus fully on servicing our institutional investor clients with our integrated solution. We are committed to delivering both specialist expertise and state-of-the-art technology. Only by providing both can we continue to give the level of service our clients have come to expect of us’.
Citco has assets under administration topping $638 billion for single manager funds and $130 billion for fund of funds.
Citco Wins Mandates From Zurich PF and Tages
Janet Du Chenne(59204) Citco has won key mandates for administration and custody for hedge fund portfolios, from The City of Zurich Pension Fund and Tages Capital, following the recent sale of its banking institutional sub-custody processing business. The City of Zurich Pension Fund has chosen Citco to provide a