Citigroup Inc (NYSE:C) today announced the launch of a new service for advisor clients that will automate the allocation of cash across a range of funds and manage all aspects of order processing between advisor clients and fund providers.
With Citi’s Dynamic Allocation and Fund Order Processing service, a client can send an order via industry standard or proprietary messaging to Citi who would supplement the order with additional information, such as account and routing information, before sending it to the fund’s order processing provider. Alternatively, a client can stipulate a cash allocation model, and Citi will dynamically generate and route orders to the funds specified.
Citi’s Dynamic Allocation and Fund Order Processing will handle the requirements for settlement and trade communication of all custodian banks, administrators and relevant parties. The service will be available in all major markets where permitted by local regulations and will cover all available fund types, both regulated and private funds.
“We are pleased to introduce this latest enhancement to our suite of middle and back office services,” said Sanjiv Sawhney, Global Head of Custody and Fund Services at Citi. “Dynamic Allocation and Fund Order Processing helps clients spend more time on activities that drive growth by connecting them to the various market participants and to a broad range of investments. The service was designed in line with Citi’s forward-thinking, provider-agnostic approach to many of our middle and back office services.”
Citi announced the introduction of other middle and back office solutions such as multi-slot investment book of record (IBOR) and Citi Velocity Clarity, its data and analytics platform. Both solutions are compatible with the new Dynamic Allocation and Fund Order Processing service.