Nexum appoints Citi for all-in-one service of Luxembourg-domiciled hedge fund
Citi has been appointed by Nexum to service its Luxembourg-domiciled hedge fund, acting as fund administrator, transfer agent and custodian, and providing prime brokerage services and compliance monitoring. The solution is live and all assets have been successfully migrated onto Citi's common fund administration and custody platform in Luxembourg.
'Citi's position as a leading corporate bank with investor services and prime brokerage capabilities combined with its global network and local capabilities in Luxembourg made them a natural partner for us,' says Nexum managing director Thomas Lifvendahl.
'Citi responded to our need for a single provider who could offer in-house prime brokerage for a wide range of financial instruments and strategies, full automation and STP processing and consistent reporting.'
Marc Pecquet, Citi's country officer for Luxembourg, says: 'Citi's appointment by Nexum underscores our commitment to becoming the administrator of choice in the alternative investment marketplace globally and in Luxembourg. Nexum is our first Luxembourg-domiciled hedge fund client and we look forward to providing them with the finest service, products and technology available.'
Alternative asset administration is a growing business at Citi, which currently has USD42bn. The group recently announced the formation of a hedge fund services unit as a joint venture between Citi capital markets and transaction services, providing hedge fund clients with a comprehensive and integrated offering that includes financing, prime brokerage, consulting, administration services and operational support.
Last month Citi acquired Bisys Group, a top-five hedge fund administrator and mutual fund services provider. When the transaction closes, Citi will strengthen its position as a leading provider of hedge fund and mutual fund services and become a top-tier administrator for the private equity industry.
Citi is one of the five largest fund services providers in Luxembourg with some USD147bn in assets under administration for more than 100 individual distributors of funds in more than 50 countries. Citi services Luxembourg-domiciled traditional funds, alternative funds, exchange-traded funds, pension funds and structured funds in the Grand Duchy.
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