Citi Launches First UMH Platform

Citi has created the first web-based platform to handle all of the various types of investment products inclued in a unified managed household account, with TIAA-CREF coming on board the first asset manager to sign on. TIAA-CREF will be using the platform, OpenWealth, in its fee-based wealth management division.

OpenWealth can replace the multiple platforms sponsors currently have to run to administer all of the various and complex products and tax transactions in a UMH. It also includes automated overlay management and rebalancing and, importantly, end-to-end connectivity from the financial adviser straight through to the custodian.

“Our selection of Citi’s OpenWealth platform allows us to meet the needs of our clients with industry-leading, customized, goal-oriented portfolio management that is responsive to individual client objectives and investment preferences,” said Dennis McDonald, head of product development in the individual products group at TIAA-CREF.

“OpenWealth reduces the number of systems and parties with which we need to interface to deliver a highly flexible managed account platform capable of handling a broad array of investment products,” McDonald continued.

Neeraj Sehai, global head of securities and fund services at Citi, said, “Developing innovative and cost-effective solutions for banks, trusts, insurers or registered investment advisors to grow their assets is a key priority for us at Citi.”