Citi announced that it enhanced its UK fund servicing capabilities to include valuation, accounting, tax computation and filing, and reporting for investment trusts. There are approximately 350 investment trusts in the UK with £186 billion in assets under management1.
“Investment trusts are an important vehicle for UK asset managers,” said Pervaiz Panjwani, EMEA Head of Custody and Fund Services Product at Citi. “We continue to invest in our fund services platform to expand our capabilities to meet our client’s evolving needs.”
Read More: GlobalFintechSeries Interview with Erick Pinos, Ecosystem Lead at Ontology
Citi’s expanded investment trust offering incorporates a range of capabilities, including the automation of the treasury share process, accounting using the Investment Companies Association’s Statement of Recommended Practice, and submission of data to the Association of Investment Companies, including the Monthly Investment Release (MIR).
”Providing these enhanced Investment Trust services is a great example of us working with our clients to add value,” said Niall Hornett, Head of UK fund product at Citi. “In particular the MIR reporting, which has historically been a pain point for many asset managers.”
With over $21.5 trillion2 of assets under custody and administration and the industry-leading proprietary network spanning over 60 markets, Citi Securities Services provides clients with in-depth local market expertise, advanced processing technologies and a wide range of custody and fund services that can be tailored to meet clients’ needs.
