Citigroup Global Transaction Services and Euroclear Bank have today announced an agreement with Bloomberg's Asset and Investment Manager (AIM) system and Euroclear Bank's cross-border fund processing platform - FundSettle - to fully automate front-to-back-end fund-transaction processing for institutional clients.
Citi's clients can now use Bloomberg AIM to access FundSettle, while imposing no extra communications fee, to route and settle transactions in over 47,000 cross-border and domestic funds supported by a network of over 510 transfer agents.
Ivan Nicora, Director and Head of Investment Fund Product Management at Euroclear, said: "Bloomberg, Citi and Euroclear have taken an innovative approach to seamlessly link the front of house with our back-office processing capabilities. Institutional clients, such as those of Citi, using AIM can now benefit from the powerful combination of automated and integrated order routing, settlement and asset servicing for their fund activity. Our platform removes all manual processing tasks, risks and expenses for subscriptions and redemptions. We are pleased to add this new means of accessing FundSettle, thereby offering asset managers a unique opportunity to streamline their fund transactions."
Nick Titmuss, Head of Global Custody for Europe, the Middle East & Africa, at Citi, said: "This new connectivity delivered by Citi in linking Bloomberg and FundSettle to our Citiconnect for Funds platform demonstrates our commitment and ability to automate and streamline the fund transaction process from end-to-end, delivering a faster and more efficient solution to