Citi has consolidated its securities and fund services businesses in Ireland into Citibank Europe, a Dublin-based subsidiary, with effect from Jan. 1 2012.
Citi client Brandes Investment Funds made an announcement to the Irish Stock Exchange on Jan. 5 2012 relating to the moving of the transfer agency activities carried out by Citi in Ireland from Citi Fund Services to Citibank Europe.
Citi acquired two legal entities – Citi Fund Services and Citi Hedge Fund Services Limited – in 2007 via the acquisition of BISYS, which was a global deal spanning North America, EMEA and Asia. For these historic reasons the groups fund administration activities have been in separate legal vehicles.
Following the acquisition, Bisys clients, who previously only sought fund administration services, have been increasing their business with Citi across the investor suite, including custody, FX, cash and securities finance, over the last four years. As a result the group reorganized its activities to move these sub products as at Jan. 1 2012 into Citibank Europe, which supports the broader suite of investor products.
(JDC)