Putting to rest rumors that Citigroup would sell Financial Research Corp. after acquiring BISYS, a Citi official said that the company would not do so, Reuters reports.

“It’s a hot property and a property that we will maintain because of its need in the industry,” said Andrew Smith, head of Citigroup’s North American funds and securities services. “It’s very unique. It’s very focused on a very specific operation.”

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.