Citi Global Transaction Services business has been appointed by East Capital, an independent asset manager specializing in Eastern European financial markets, to provide Custody, Fund Administration, Cash Management and Transfer Agency to its new Special Opportunities Fund.
The fund is focused on acquiring undervalued assets in special situations where market correction, liquidity, company or owner specific issues have created distressed valuations.
East Capital recently launched its Special Opportunities Fund to invest across all sectors in Central & Eastern Europe. Investments will be made in listed, or otherwise traded, equity securities, on or off major indices. The fund will focus on sound companies with distressed like valuations, matching its overall investment criteria.
Robert Vicsai, Product Manager, East Capital, said For many years, we have enjoyed a valuable association with Citi as they have been invaluable in acting as our Custodian. Given the East Capital Special Opportunities Funds primary focus will be on Russia, other CIS countries and the Balkans, we felt strongly that Citi was an obvious choice not only because of its strong Central & Eastern European franchise, but because of the expertise of its professionals and capabilities in a wide and diverse range of markets.
Richard Ernesti, Global Head of Investor Services Client & Sales Management, Citi, said, We look forward to strengthening our relationship with East Capital. There hasnt been a better time to invest in the distressed market in recent memory, and we are delighted East Capital has chosen our network in order to help it seize the advantage in this investment environment. Through our resources, technology, expertise and global footprint, we are able to leverage our institutional capabilities across the Citi enterprise to deliver optimal solutions for our clients.
Citi has also recently won business in the Middle East, having been chosen to provide custody to Majid Al Futtaim Trust and both custody and fund administration to funds managed by Majid Al Futtaim Asset Management.