Citigroup buys Forum Financial Group

Citigroup buys Forum Financial Group

Citigroup has acquired Forum Financial Group, a provider of fund administration services, for an undisclosed sum.

Headquartered in Portland, Maine, Forum Financial also has operations in Bermuda and Poland.

The firm provides administration, distribution, fund and partnership accounting, transfer agency, shareholder services and custody for all types of pooled investment vehicles.

As part of the deal, all of Forum Financial's 400 employees will be integrated into Citigroup.

Frank Bisignano, chief executive of Citigroup's Global Transaction Services, says: "In addition to establishing a strong presence in fund accounting in the US, the acquisition enhances our transfer agency capabilities and continues the development of our ability to service hedge fund clients."

The deal is expected to close before the end of the year.

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