Citigroup’s Global Transaction Services say that clients of CitiConnect for Securities, Citigroup’s online order to settlement transaction management system, will be able to access Euroclear Bank’s FundSettle order processing services.
The CitiConnect for Securities platform provides services for collective investment schemes, equities, fixed income and investment funds, including hedge funds. The deal with FundSettle is to increase efficiency and provide institutional clients with centralised, automated access to more than 460 transfer agents throughout Europe.
“CitiConnect for Securities delivers a unique operational offering by combining execution in equities, fixed income and collective investment schemes with our custody services through an order driven trade to settlement service,” says Neeraj Sahai, the Global Head of Securities and Fund Services at Citigroup Corporate and Investment Banking. “By embedding FundSettle in our open architecture platform we are maximising automation and delivery efficiencies to our clients.”
“We are delighted with Citigroup’s decision, particularly as it opens many new opportunities for FundSettle to serve indirectly the institutional market, a segment with which Euroclear Bank typically does not have direct relationships,” adds Martine Dinne, the CEO at Euroclear Bank. “By choosing Europe’s only fully integrated fund-processing platform, Citigroup will enable its institutional clients to benefit from the wide range of services offered on FundSettle.”