DUBLIN--(BUSINESS WIRE)--FundAssist announced today that it has been chosen to partner with Citi, to provide KIID (Key Investor Information Document) and other related services to Citi’s UCITS clients.
The introduction of KIID as the replacement of the simplified prospectus is one of the key changes established by the UCITS IV Directive (as implemented in Ireland on 1 July 2011). Some of the primary purposes of the KIID would be to provide investors with enhanced transparency and comparability by way of a short standardised document which would contain all necessary information to enable the investor to make an informed investment decision. The KIID, which will provide investors with an overview of the key features of UCITS investment products, presents a unique challenge to the investment management community and third party administrators alike. The requirement to provide class level information to investors in their own language across Europe, on an annual and event driven basis prior to any subscriptions to the fund, creates therefore the need for both robust production tools and a high degree of production quality.
Citi currently provides a comprehensive KIID solution to assist its UCITS clients with all aspects and challenges of KIID production including the collection of all mandatory data and narrative elements, production, ongoing monitoring, translation, dissemination and version management. This service is implemented in a modular way which allows UCITS clients to opt for a fully outsourced solution or to retain control over certain aspects of production.
Jim O’Reilly, Managing Director of FundAssist commented: “We are delighted that we are able to support Citi in their efforts to service their clients and that we continue to grow our relationship with them which stretches to over 10 years. We believe this new mandate derives directly from the high level of service we have provided to Citi over the years and that this new engagement will provide us with the opportunity to continue to deliver a quality service into the future.”
Andrew Gelb, EMEA Head of Securities and Fund Services, Citi, added: “The ability to offer a quality KIID service to our UCITS clients is central to our value proposition. FundAssist offers very high levels of service and quality and we are delighted to have them as our partner in this process.”
“Our ability to convert complex investment objectives into plain language, our ability to calculate the SRRI, on-going charges and past performance together with our portfolio monitoring capabilities to ensure that the risk profile of the fund has not changed, allows us to offer a complete KIID preparation, production and monitoring service,” commented Andrew Johnston, Senior Manager, FundAssist.
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About FundAssist
With over 20 years serving financial institutions, FundAssist has focussed exclusively on the funds industry during the last decade. We serve clients around the world, from our offices in London, Luxembourg and Dublin.
We provide a full suite of services designed to meet the governance, reporting and distribution requirements of the international funds industry. The company provides clients with proven expertise and hands-on operating assistance.
About Citi:
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Global Transaction Services, a division of Citi’s Institutional Clients Group, 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 that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the third quarter of 2011, it held on average $365 billion in liability balances and $12.5 trillion in assets under custody.