Santa Monica-based Dimensional Fund Advisors, which manages more than $100 billion for around 300 clients, has outsourced its middle-office operational needs to Citigroup. Dimensional is an existing Citigroup client.
Citigroup will provide Dimensional with portfolio accounting, trade and cash processing, corporate action processing, broker and custodian relationship management, post-trade compliance and operational data management services.
Citigroups expertise, combined with its global footprint, will allow us to focus on what we do best manage money for our clients in the US and around the world, says David Booth, Chief Executive Officer and Chief Investment Officer, Dimensional Fund Advisors.
Neeraj Sahai, Global Head, Securities and Fund Services, Global Transaction Services, Citigroup Corporate and Investment Banking, hailed the transaction as a first middle office outsourcing deal for the bank. We welcome the opportunity to deepen our long-standing relationship with one of the most innovative fund managers in the industry, he says. Just as Dimensional has been a pioneer in science-based investing, it is also leading the marketplace in recognizing the benefits Citigroup can offer asset managers scalable, best-of-breed solutions delivered through a world-class operations and technology platform.