Citi expands fund accounting services to UK investment funds


LONDON–(BUSINESS WIRE)–Citi announced that it has enhanced its UK fund management capabilities to include valuation, accounting, tax calculation and reporting, and reporting for investment funds. There are around 350 investment funds in the UK with £186bn in assets under management1.

“Investment trusts are an important vehicle for UK asset managers,” said Pervaiz Panjwani, EMEA head of custodial products and fund services at Citi. “We continue to invest in our fund services platform to expand our capabilities to meet the changing needs of our clients.”

Citi’s expanded investment fund offering incorporates a range of features, including automation of the treasury stock process, accounting using the Investment Companies Association’s Statement of Best Practices, and submission of data to the Association of Investment Companies, including the Monthly Investment Release (MIR).

“The provision of these enhanced Investment Trust services is a great example of us working with our clients to add value,” said Niall Hornett, UK Funds Product Manager at Citi. “Especially MIR reporting, which has always been a sore point for many asset managers.”

With over $21.5 trillion2 assets under custody and administration and the industry’s leading proprietary network spanning more than 60 markets, Citi Securities Services offers its clients deep local market expertise, advanced processing technologies and a wide range of custody and funds that can be tailored to meet clients’ needs.

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About Citi

Citi, the world’s largest bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides individuals, businesses, governments and institutions with a wide range of financial products and services, including retail banking and lending, corporate and investment banking, securities brokerage, transaction and wealth management services. Additional information can be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi


1 Source: AIC monthly information publication dated April 2020

2 From the first quarter of 2020

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