Citi extends fund accounting services to UK investment trusts

The expansion will enable Citi to provide fund accounting services to £186 billion UK investment trusts industry.

By Joe Parsons

Citi has expanded its UK fund servicing capabilities to include valuation, accounting, tax services and reporting for the UK investment trust industry.

The extended offering incorporates a range of capabilities including automation of the treasury share process, accounting using the Investment Companies Association’s Statement of Recommend Practice, and submission of data to the Association of Investment Companies.

“Investment trusts are an important vehicle for UK asset managers. We continue to invest in our fund services platform to expand our capabilities to meet our client’s evolving needs,” said Pervaiz Panjwani, EMEA head of custody and fund services product, Citi.

There are approximately 350 investment trusts in the UK with £186 billion in assets under management.

“Providing these enhanced investment trust services is a great example of us working with our clients to add value, in particular the MIR reporting, which has historically been a pain point for many asset managers,” added Niall Hornett, head of UK fund product, Citi.

In November, Citi renewed its fund accounting technology contract with Swiss tech vendor Temenos, allowing to continue using the Multifonds Global Accounting platform to support its global funds services business.

Citi has made several enhancements to its global custody and fund services business over recent months, which included the deployment of boy technology in Hong Kong to provide real-time processing for matching and settlement of trades, as well as white labelling its custody platform to Mitsubishi UFJ Investor Services Luxembourg.

The US bank also partnered with BlackRock to connect to its Aladdin platform, allowing it to offer middle-office services directly to mutual clients and integrate with their front-office.