Henceforth, Citi Private Bank will use OpenWealth services for its trust administration, custody and mutual fund clearing services for its North America and Latin America businesses.
Dena Brumpton, chief operating officer, Citi Private Bank said: "After a thorough review of the market, we selected OpenWealth for its modern technology and its fully integrated global capabilities. OpenWealth provides the flexibility and real-time information that will enable us to deliver a high level of service and innovation to our clients."
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"Citi Private Bank is one of the largest and most global organizations to use OpenWealth’s integrated Trust and Custody solution. The Private Bank’s selection validates OpenWealth as a best-in-class solution for today’s global requirements. We are certainly pleased to be able to expand our services to one of the most respected names in private banking, as well as use the additional scale to the benefit of all our clients," added Chandresh Iyer, managing director, Citi Investor Services.
Currently, Citi has US$47 billion under administration and Citi’s full suite of investment services solutions delivered through Citi OpenInvestorSM lets wealth managers focus on building relationships and growing their business.
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