Citi’s securities and fund services, a division of global transaction services, has been appointed by Japan-based asset manager OGI Capital Partners, to provide hedge fund administration and custody services. For OGI Capital Partners, Citi’s securities and fund services now services three of its funds, each with distinct currency complexities, including OGI Global Macro Fund, which is expected to launch in October 2009.
Reportedly, under the deal, Citi is expected to provide the clients with independent hedge fund valuation and administration services that cover an array of currencies and are delivered through on-the-ground local language support in Japan. Additionally, by partnering with Citi, OGI Capital Partners now receives shareholder services, and a suite of hedge fund custody services.
Additionally, all service offerings included in the mandate are backed by Citi’s technological infrastructure, including:
Multifonds: a multi-currency portfolio valuation platform, which caters for the accounting and valuation of complex investment products held by hedge funds.
Paxus: a fund accounting and transfer agency system, which handles all types of performance fee calculation for hedge funds and provides shareholder record keeping and reporting.
CitiDirect online banking: a web-based reporting portal to enable the fund manager to view the custodian positions, transaction activities, as well as the fund accounting reports online.
Kay Sprague, director, regional head of alternative investment services, Asia Pacific, Citi, said: “By partnering with OGI Capital Partners, Citi securities and fund services has achieved a significant milestone for our hedge fund administration business in Japan. Through our ability to tailor, service complex investments and currencies and provide local support, Citi’s hedge fund proposition is clearly making inroads in this complex and dynamic market.”
