Citi today announced that Veritable, L.P. has awarded it a mandate to
provide a comprehensive suite of hedge fund services including middle
office, fund accounting, and investor services. Veritable, L.P. is among
the largest independently owned Registered Investment Advisors in the
United States providing unbiased, tax efficient, integrated investment
solutions for families of substantial wealth.
"We chose Citi based on the quality of their staff and the level of
transparency their technology systems will provide us," said Charles
Keates, Partner, General Counsel and Chief Compliance Officer of
Veritable L.P. "Citi understood our unique business needs and their
technology and service model can enable us to focus more resources on
investments and servicing our investors."
Citi's web-based middle office monitor allows Veritable's operations and
accounting staff, along with portfolio managers, to monitor trades and
positions on a real-time basis through a secure website. In addition,
portfolio data is continuously updated and available to Veritable's
accounting, research, risk and fund administration teams, allowing them
to run customized reports and make ad hoc inquiries.
"Veritable is a leader in their space and we look forward to providing
these services and technology to support the further growth of their
business", said Bob Wallace, Head of North America for Securities and
Fund Services, Citi. "We are truly pleased that we have the opportunity
to demonstrate the value of our expert staff and technology to
Citi provides a complete range of investment services for institutional
investors and alternative managers that includes middle office, fund
accounting, portfolio accounting, investor services, and investing and
financing solutions focused on clients' specific challenges and
customized to their individual needs.
Through its Securities and Fund Services business, Citi's
industry-focused experts provide investors worldwide with tailored
solutions delivered through proven global platforms that feature
modular, open architecture. With $12.5 trillion of assets under custody
and the industry's largest proprietary network, clients can leverage
Citi's local market expertise and global reach to extract value across
the entire investment value chain.
Global 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, Citigroup's Global Transaction Services supports
over 65,000 clients. As of the fourth quarter of 2011, it held on
average $368 billion in liability balances and $12.5 trillion in assets
About Veritable, L.P.
Veritable, L.P. is an independently owned, multi-family office and SEC
registered investment advisor located in Newtown Square, PA. Founded in
1986, the firm has 190 client relationships and approximately $10.5
billion under management.
For more information, please visit www.veritablelp.com.
Citi, the leading global financial services company, 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
Additional information may be found at www.citigroup.com
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