Opalesque Industry Update - Citigroup has greeted the New Year with a series of launches, appointments and sell-off as it expressed confidence in facing the challenges of 2010.|
According to a report by TheTradeNews.com, Citi this week launched a full-service solution for Europe-based hedge funds to satisfy the increasing demand for the bank’s clients to open hedge funds in the EU. The servicing solution will also build upon the bank’s existing front-, middle- and back-office solutions for hedge funds.
The report quoted Andrew Gelb, head of securities and fund service, EMEA, Citi, as saying, “Investors are now focused on governance, risk management, independent valuation and transparency of reporting. Hedge fund managers are increasingly offering UCITS and other EU domiciled fund structures to meet these needs as the industry continues to converge across the alternative and traditional fund sectors.”
Also this week, Citi announced the appointment of Manuel Medina-Mora as chief executive officer of Citi Consumer Banking for the Americas and Chairman of Citi’s Global Consumer Council. Medina-Mora will oversee Citi´s retail branch network.
Earlier this year, City sold its foreign exchange platform LavaFX to FXall.
FXall’s acquisition of LavaFX would ensure that its institutional client base would grow to nearly 1,000 of the world's largest hedge funds, CTAs, banks, broker-dealers, corporate treasurers and asset managers and adds capabilities to give clients an edge at every phase of the transaction life-cycle. - PD -