Citi 's Global Transactions Services business for Europe, the Middle East and Africa, has announced that its Securities and Fund Services division will be extending its fund servicing domiciles with the addition of Bahrain Regulated Funds to its current service offering.
The addition of Bahrain brings the number of Funds markets serviced by Citi to 20.
Citi has operated in the Middle East for over 50 years and has been present in Bahrain since 1969. Bahrain represents a well established funds market within the Middle East and is demanding an increased choice of local service providers with capabilities covering all investment strategies.
Citi's fund service capability through Bahrain will be its first in the Middle East, this will be the launch pad for Citi´s product offering for local and off shore funds managed in the Gulf Corporation Council (GCC).
Citi will leverage its strength in operational controls, reporting technology, and expertise in traditional and alternative fund styles in delivering its service to the Bahrain Funds market.
Richard Street, Head of Securities & Fund Services Strategic Business Development for the Middle East and North Africa commented:
"I am delighted to announce the addition of Bahrain Regulated Funds to the domiciles serviced by our Fund Services business. Servicing Bahrain incorporated funds is an integral component to our more expansive strategy within the Middle East for Securities & Fund Services. Citi has a strong and lengthy history in the Middle East and has recently embarked on a strategy to deliver locally our Securities and Fund Services capabilities within the region. The Middle East is a unique market place — one demanding local solutions with global service standards. Citi's goal is to embed our full Securities and Fund Services product set within the region."
Mayank Malik, Bahrain Citi Country Officer, added:
"The addition of Citi to the Bahrain Regulated Funds Market further emphasises Citi's commitment to Bahrain and the Middle East Region. We continue to expand our services in this region and are encouraged by the opportunities in Bahrain as well as the rest of the Middle East,"
Global Transaction Services offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world.
With a network spanning over 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the 1st quarter of 08, it held on average USD283bn in liability balances and nearly USD13 trillion in assets under custody.
Sheikh Mohammed bin Essa Al-Khalifa, Chief Executive of the Economic Development Board (EDB) of Bahrain, which facilitated the establishment of Citi Global Transactions Services in Bahrain, commented on the announcement:
“We are delighted that Citi has chosen Bahrain to establish its fund administration operations – adding these activities to its existing operations to make Bahrain its Middle East hub for asset management. Citi has been in Bahrain since 1969 and is well established in the Middle East.
Its decision to expand recognises the Kingdom’s growing role as the Gulf’s lead centre for fund management and administration.
Currently there are 135 funds domiciled in Bahrain – more than any other Gulf state. Total assets under management grew 73% in 2007 to USD15bn. .
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