Citi has launched ‘Dynamic Allocation and Fund Order Processing’, a new service for advisor clients that will automate the allocation of cash across a range of funds and manage all aspects of order processing between advisor clients and fund providers.
Clients will be able to stipulate a cash allocation model, and Citi will generate and route orders to the funds specified.
In addition, Citi’s Dynamic Allocation and Fund Order Processing will handle the requirements for settlement and trade communication of all custodian banks, administrators and relevant parties.
The service will be available in all major markets where permitted by local regulations and will cover all available fund types, both regulated and private funds.
According to Pervaiz Panjwani, Europe, the Middle East and Africa (EMEA) head of custody and fund services at Citi, having a single service for the allocation and placement of fund orders will be a distinctive benefit for clients of this new service.
“It means avoiding the necessity for a client to establish connections across a broad universe of transfer agents and order handling providers. It can also mean a reduction in costly errors when allocating orders across multiple funds,” says Panjwani.
Sanjiv Sawhney, global head of custody and fund services at Citi, comments: “We are pleased to introduce this latest enhancement to our suite of middle and back-office services. Dynamic Allocation and Fund Order Processing helps clients spend more time on activities that drive growth by connecting them to the various market participants and to a broad range of investments.”
Sawhney adds: “The service was designed in line with Citi’s forward-thinking, provider-agnostic approach to many of our middle and back-office services.”
