Citi migration complete by year-end

citi_logoCiti expects to have all its hedge fund administration clients on a newly launched global operating platform by the end of the year, the firm told Funds Europe.

On 19 April Citi launched a hedge fund platform that offers a “fully integrated infrastructure spanning the complete operating lifecycle of a hedge fund”. The functionality includes NAV calculations through to the generation of the investor statements.

The product is the result of a multi-year project to create a standardised global platform and began with a ‘gap analysis’ of legacy systems. Legacy vendors were invited to tend for new business, along with other third parties and internal providers.

The product was piloted in Columbus, Ohio. Afterwards, pilot clients were identified by each office and migrations are  taking place simultaneously across North America & Emea. Development to enhance the  platform and to address client feedback is expected to be on-going throughout 2010, with all clients on the platform in the same timeframe.

Citi, which has launched the product through its investor services arm, says the offering will establish standardised applications and processes across each region, ensuring accuracy, transparency and consistency.

©2010 funds europe