Citigroup has entered into an agreement with Credit Suisse’s Asset management division to provide a comprehensive suite of milled office, custody and hedge fund administration services to support part of its U.S.-based alternative investments business.
The mandate stipulates that a portion of the middle-office operations within Credit Suisse’s Asset Management division will be fully transitioned onto Citi’s service platform, which is made up of operations, technology and data management.
“We are pleased to demonstrate the value of our expert staff and leading technology to Credit Suisse’s Asset Management division,” said Mike Sleightholme, Head of Global Hedge Fund Services, with Citi’s Global Transaction Services.
“Our relationship with Citi gives us the opportunity to enhance our daily operations and the services we provide to our clients in a highly scalable manner,” added Nigel Hill, Global Head of Liquid Investments Operations in Credit Suisse’s Asset Management division.
In addition to middle office solutions, Citi will provide custody and back office support for Credit Suisse Asset Management’s proprietary hedge funds to assist in responding to increased regulation and a changing competitive environment.