Citi has been awarded a mandate from Brummer & Partners, Sweden's largest hedge fund manager, to provide depositary, custody and prime brokerage services for its recently-launched Carve fund.

“We are delighted to appoint Citi for our new Carve funds,” says Peter Thelin, chief executive and portfolio manager at Carve Capital. “Citi’s local presence, proprietary global sub-custody network and its ability to offer a multi prime brokerage model for Swedish investment funds, putting Sweden in line with the rest of Europe, have been important factors in our decision.”
 
Building on this mandate, Citi is now able to provide local depositary, custody and prime brokerage services in Sweden. Through the new offering, Citi can support locally domiciled funds with independent depositary capabilities including oversight of funds’ service providers, safekeeping of funds’ assets, as well as daily automated monitoring of funds’ investment guidelines and regulatory restrictions.
 
Citi has had a presence in Sweden since 1976. The company offers a broad range of financial services and products across the full spectrum of corporate and investment banking, global markets and transaction services.
 
"We are thrilled to provide depositary and custody services in Sweden,” says Sanjiv Sawhney, EMEA head of securities and fund services at Citi. “This new offering as well our appointment by one of Europe's longest established and most successful hedge funds further strengthen our presence in this growing and promising market. We look forward to leveraging our global network to support the local investment community.”