Key Takeaways
- • The City of Zurich Pension Fund has selected Citco to provide administration, custody and related financial services for its $1.3 billion hedge fund portfolios.
- • The mandate follows a series of other key wins from institutional investors, which Citco attributes to demand for customised portfolios.
- • Citco exited the sub-custody business for financial institutions, citing commoditisation of the business and a lack of ancillary services attached to it, and will now focus on its integrated institutional offering.
- • Baloise Group deepened its relationship with Citco earlier in 2020 by deploying the ÆXIMO technology for outsourced middle-office operations.
Summary
The City of Zurich Pension Fund has chosen Citco to provide administration, custody and related financial services to its $1.3 billion hedge fund portfolios, according to Asset Servicing Times. The mandate follows a series of other key wins from institutional investors, which the firm links to demand for customised portfolios.
William Keunen, global director of Citco Fund Services, explained the strategic rationale behind the firm's recent retreat from certain businesses. According to Keunen, Citco's decision to exit the sub-custody business for financial institutions was driven by the commoditisation of that business and the lack of ancillary services attached to it. He said the firm intends to now focus fully on servicing its institutional investor clients with its integrated solution.
Earlier in the year, Baloise Group strengthened its long-standing relationship with Citco by deploying the ÆXIMO technology for outsourced middle-office operations. The platform allows investors full portfolio planning and dealing, including liquidity reporting, asset allocation breakdown, compliance checks and performance reporting. Florian Albrecht of Baloise Asset Management said the firm was impressed by the functionality offered by ÆXIMO, which is backed by a highly competent IT development team.
Citco's Alternative Investor Services group focuses on servicing key fund investor clients, including fund of hedge funds, pensions, endowments, family offices, insurance companies and other institutional investors.
William Keunen, global director of Citco Fund Services, explained the strategic rationale behind the firm's recent retreat from certain businesses. According to Keunen, Citco's decision to exit the sub-custody business for financial institutions was driven by the commoditisation of that business and the lack of ancillary services attached to it. He said the firm intends to now focus fully on servicing its institutional investor clients with its integrated solution.
Earlier in the year, Baloise Group strengthened its long-standing relationship with Citco by deploying the ÆXIMO technology for outsourced middle-office operations. The platform allows investors full portfolio planning and dealing, including liquidity reporting, asset allocation breakdown, compliance checks and performance reporting. Florian Albrecht of Baloise Asset Management said the firm was impressed by the functionality offered by ÆXIMO, which is backed by a highly competent IT development team.
Citco's Alternative Investor Services group focuses on servicing key fund investor clients, including fund of hedge funds, pensions, endowments, family offices, insurance companies and other institutional investors.
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