Citigroup today announced that Citi® Investor Services, part of Citi's Global Transaction Services business, has been chosen by Dorsal Capital Management to provide a suite of administrative services for their hedge fund launched in Q4 of 2009. The fund administration solutions Citi is providing include fund accounting and transfer agency.
"We selected Citi because of its reputation as a premier service provider and its many excellent products and services," said Jeff Barnett, Chief Financial Officer, Dorsal Capital Management, whose investment partners were formerly portfolio managers at SAC Capital. "We believe that having Citi as our fund administrator will offer value to our current investors and bolster our capital-raising efforts in the future."
"Dorsal Capital - with its SAC Capital heritage and management strength -- was a highly anticipated west coast hedge fund launch in 2009," said Neeraj Sahai, Global Head, Securities and Fund Services, Citi. "We are very pleased to be selected to provide these fund services, and we look forward to delivering superior administrative solutions to support the funds initial development and continued growth."
Citi provides a broad range of services to Hedge Funds including prime finance, investment operations, fund administration and custody services. Citi's comprehensive end-to-end offering includes post-execution middle office services across a full range of asset classes, post-trade and pre-settlement activities, daily P&L reporting, OTC and bank debt administration services, collateral and cash management, risk reporting, net asset value calculation, and investor servicing.
Through its Securities and Fund Services business, Citi's industry-focused experts provide investors worldwide with tailored solutions delivered though proven global platforms that feature modular, open architecture. With over $11 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.
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 first quarter of 2010, it held on average $319 billion in liability balances and $11.8 trillion in assets under custody.