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Citi will commence their role at the end of March and a joint project will then follow to enhance services to Man’s funds, simplify administration arrangements and migrate all of Man’s private investor products onto Citi’s platform. Man and Citi will adopt a phased approach to this programme of work to ensure that client service levels are not disrupted. Simon White, Head of Product and Client Operations at Man, comments: “Our decision to award a new brief to Citi will help us achieve our goals of having fully independent fund administration and transfer agency services, thereby creating a scalable global platform for our future business.

“Citi has been chosen based on its proven expertise, unrivalled global presence and demonstrable track record of service delivery for private investor operations. Both Citi and Man are committed to maintaining and improving the excellent client service levels that we have worked so hard to achieve.”

With the industry's largest proprietary network spanning 59 markets and over USD 12.6 trillion in assets under custody, Citi is a global leader in domestic and cross-border securities services for the world's top issuers, intermediaries and investors. Richard Ernesti, Global Head of Investor Client Sales Management at Citi Global Transaction Services said: "It is a privilege to have been selected by Man Group to become their global shareholder services provider. The appointment reflects their confidence in the strength of our alternative fund administration business and we are pleased to be setting out on what promises to be a long-term strategic relationship with Man."

Following Citi’s appointment, intermediaries will continue to be supported by their usual regional offices and contacts at Man.

(press release)

About Man
Man is a world-leading alternative investment management business. It has expertise in a wide range of liquid investment styles including managed futures, equity, credit, emerging markets, global macro and multi-manager, combined with powerful product structuring, distribution and client service capabilities. Man has USD 68.6 billon of funds under management (as at 31 December 2010).

The original business was founded in 1783. Today, Man Group plc is listed on the London Stock Exchange and is a member of the FTSE 100 Index with a market capitalisation of over GBP 5 billion (as at 24 March 2011). Man is a member of the Dow Jones Sustainability World Index and the FTSE4Good Index. Man also supports many awards, charities and initiatives around the world, including sponsorship of the Man Booker literary prizes. Further information can be found at www.mangroupplc.com.

About Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, 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 or www.citi.com.

About Global Transaction Services
Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citi’s Global Transaction Services supports over 65,000 clients. As of the fourth quarter of 2010, it held on average $353 billion in liability balances and $12.6 trillion in assets under custody.

Through its Securities and Fund Services business, Citi provides institutions worldwide with an unparalleled portfolio of offerings that enable them to grow, reduce cost and mitigate risk. With $12.6 trillion of assets under custody and the industry's largest proprietary network, clients can leverage Citi's local market expertise and global reach to extract value across the entire investment value chain.

- FG