Citi’s Global Transaction Services has introduced a portfolio of custody services in the US, specifically for private equity funds.
Citi says its services are particularly timely because of Securities and Exchange Commission regulations affecting custody of customer assets by registered investment advisers and the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act, which places stricter regulatory requirements on private equity firms.
This legislation – and the regulations to follow – will impact unregistered investment advisers of private equity funds as most of them will now be required to become registered with the SEC and will be subject to the full spectrum of regulations under the Investment Advisers Act.
“These private equity custody services align perfectly with our overall strategy of developing and delivering the full range of accounting, administrative, and custody solutions,” says Chandresh Iyer, global head of custody and investment services, Citi. “They demonstrate that, among the comprehensive services we provide, we closely monitor the regulatory environment and quickly create innovative offerings that benefit our clients.”
Citi’s portfolio of custody services for private equity funds include: safekeeping of private equity documents; reporting tools via Citi’s proprietary internet portal CitiDirect for Securities; statement fulfillment to investors and interested parties; and operational integration with Citi Fund Administration Services.
