Citi has extended its fund services in the UK to cover valuation, accounting, tax computation and filing, and reporting for investment trusts.
There are currently around 350 investment trusts in the UK with £186 billion in assets under management.
The expanded investment trust offering includes automation of treasury share processes, accounting under the Association of Investment Companies’ (AIC) statement of recommended practice, and submission of data such as monthly investment releases (MIR) to the AIC.
Pervaiz Panjwani, head of custody and fund services product for Europe, the Middle East and Africa, Citi, commented: “Investment trusts are an important vehicle for UK asset managers. We continue to invest in our fund services platform to expand our capabilities to meet our client’s evolving needs.”
Niall Hornett, head of UK fund product at Citi, added: “Providing these enhanced investment trust services is a great example of us working with our clients to add value, in particular the MIR reporting, which has historically been a pain point for many asset managers.”
