Citigroup Global Transaction Services has been selected as custodian to Man Investments’ $7.8 billion “Style Fund” structure. The Style Funds are one of Man’s principal Fund of Hedge Fund structures against which a significant amount of Man Investments’ Alternative Investment products are applied. Citigroup is one of Man’s “key global banking partners.”
“We selected Citigroup as Custodian of our Style Funds because of their strong controls and most importantly, their ability to deliver a bespoke solution to accommodate the complexities of the multi-layered Style Fund structure,” says Laurence O’Connell, Chief Operating Officer of Man Investments.
Citigroup describes the fund of hedge fund custody business as a “natural extension” of its Alternative Investment Administration service, which was introduced after the acquisition of Forum Financial at the end of 2003. Forum’s technology and products have been integrated into Citigroup Global Transaction Services’ standard systems, initially operating through Citigroup’s Portland, Maine and Bermuda facilities, and recently rolled out in the European marketplace through Citigroup’s operations centre in Dublin.
“We are extremely excited to build on our partnership with Man,” says Fergus Healy, Citigroup Global Transaction Services’ Global Product Head of Alternative Fund Services. “This is further evidence of our long-term commitment to the global fund services market. It demonstrates that Citigroup can and has applied the industrial-strength processing capabilities to the Alternative Investment business domain, and ensures that customised solutions are delivered to meet client-specific needs. We are able to provide asset managers – including those involved in hedge funds – with a one-stop service spanning fund administration, custodial banking and trusteeship.”