Citi Expands Trust Administration and Custody Services to Global Wealth Managers
NEW YORK--(BUSINESS WIRE)-- Citi has expanded its award-winning OpenWealth(R) solution to enable global wealth managers to manage trust accounts and cross-border investments on a single platform. Citi Private Bank will use OpenWealth services for its trust administration, custody and mutual fund clearing services for its North America and Latin America businesses.
"After a thorough review of the market, we selected OpenWealth for its modern technology and its fully integrated global capabilities," said Dena Brumpton, Chief Operating Officer, Citi Private Bank. "OpenWealth provides the flexibility and real-time information that will enable us to deliver a high level of service and innovation to our clients."
With roots dating to 1822, Citi Private Bank has a long heritage of providing fiduciary services and continues to be a leader in trust and private banking. Today, Citi continues to meet the unique requirements of the world's wealthiest clients by offering sophisticated estate-planning strategies, fiduciary and investment management services, and an open investment platform that provides access to top-tier third-party investment managers.
"Citi Private Bank is one of the largest and most global organizations to use OpenWealth's integrated Trust and Custody solution", said Chandresh Iyer, Managing Director, Citi Investor Services. "The Private Bank's selection validates OpenWealth as a best-in-class solution for today's global requirements. We are certainly pleased to be able to expand our services to one of the most respected names in private banking, as well as use the additional scale to the benefit of all our clients."
With $47 billion under administration, Citi is a leading provider of wealth management platforms and services that ease operational and administrative burdens through end-to-end portfolio management, rebalancing, trading, reporting, trust administration and global custody capabilities. Citi's full suite of investment services solutions delivered through Citi OpenInvestorSM lets wealth managers focus on building relationships and growing their business.
Citi OpenInvestor is the investment services solution for today's diversified investor that combines specialized expertise, comprehensive capabilities and the power of Citi's global network to help clients meet performance objectives across asset classes, strategies and geographies. Citi OpenInvestor provides institutional, alternative and wealth managers with middle office, fund services, custody, and investing and financing solutions that are focused on their specific challenges and customized to their individual needs. For more information, visit openinvestor.transactionservices.citi.com
Citi Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi's Transaction Services supports over 65,000 clients. As of the third quarter of 2012, it held on average $415 billion in liability balances and over $12.8 trillion in assets under custody.
Citi Private Bank advises the world's wealthiest, most influential individuals and families and has relationships with a third of all billionaires. Its network consists of over a thousand private bankers and investment professionals across 46 countries and jurisdictions. Citi Private Bank offers clients products and services covering capital markets, managed investments, portfolio management, trust and estate planning, investment finance, banking and art, aircraft and sports advisory and finance.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Nina Das, 212-816-9267
KEYWORDS: United States North America New York
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