Citi Extends Fund Accounting Services to UK Investment Trusts
Citi announced that it enhanced its UK fund servicing capabilities to include valuation, accounting, tax computation and filing, and reporting for investment trusts.
Citi announced that it enhanced its UK fund servicing capabilities to include valuation, accounting, tax computation and filing, and reporting for investment trusts. There are approximately 350 investment trusts in the UK with £186 billion in assets under management1.
“Investment trusts are an important vehicle for UK asset managers,” said Pervaiz Panjwani, EMEA Head of Custody and Fund Services Product at Citi. “We continue to invest in our fund services platform to expand our capabilities to meet our client’s evolving needs.”
Citi’s expanded investment trust offering incorporates a range of capabilities, including the automation of the treasury share process, accounting using the Investment Companies Association’s Statement of Recommended Practice, and submission of data to the Association of Investment Companies, including the Monthly Investment Release (MIR).
”Providing these enhanced Investment Trust services is a great example of us working with our clients to add value,” said Niall Hornett, Head of UK fund product at Citi. “In particular the MIR reporting, which has historically been a pain point for many asset managers.”
With over $21.5 trillion2 of assets under custody and administration and the industry-leading proprietary network spanning over 60 markets, Citi Securities Services provides clients with in-depth local market expertise, advanced processing technologies and a wide range of custody and fund services that can be tailored to meet clients’ needs.
###
About Citi
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. Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
1 Source: AIC Monthly Information Release as of April 2020
2 As of Q1 2020
View source version on businesswire.com: https://www.businesswire.com/news/home/20200728005453/en/