- Launch of Citco'sPrivate Equity investor services center of excellence
- Full suite of assetservicing solutions provided by Citco to EQT funds
- Citco's partnership withEQT reflects increased use of technology and process efficiencies by 'megafunds' to handle global scale and complexity
HONG KONG, CHINA - Media OutReach - 28 February 2019 - The Citco Groupof Companies ("Citco"), a leading provider of asset servicing solutions to theglobal alternative investment industry, today confirmed its on-boarding of additionalcommitments from longstanding client EQT, a leading global investment firm withmore than €50 billion in raised capital across 28 funds. The additionalcommitments were driven by an increase in fund size, significant co-investmentactivity and broadening of strategies. To enable this expansion, amongst otherthings, Citco launched its center of excellence for Private Equity investor servicesand created a dedicated team to manage integrations and support strategicchanges by clients through process enhancement initiatives and implementationof customized technology solutions.
Citcoprovides a full suite of asset servicing and related solutions to EQT's portfolioof funds and special purpose vehicles, including administration of around €15billion in new capital commitments across 3 newfunds closed during 2018.
TheCitco full-service solution provided to EQT since 2014 covers asset servicing,fund administration, fund accounting, corporate secretarial, fund performancereporting, treasury and related needs across itsprivate equity, infrastructure, real estate, private credit, ventures andrecently-launched mid-cap public equity funds.
EQTis also an early adopter of Citco's recently launched Æxeo Treasury, a software-as-a-serviceoffering, to simplify the firm's day-to-day banking operations andrelationships. Citco's first 'born-in- the-cloud' solution, Æxeo Treasury is astand-alone tool that enables alternative fund managers to improve operationalefficiencies by centralizing their treasury functions - including fundinginvestments, settling OTC trades and margin, making transfers between accountsor paying invoices -- on a secure state-of-the-art module running on Amazon WebServices.
Patrik Burnäs, Group Head of Fund Operations at EQT, said: "Citco's experiencedstaff and technology-based solutions are a seamless extension of our owncapabilities, helping EQT to deliver the operational efficiency required to investacross asset classes and geographies. Citco's deep industry expertise,investments in well working digital solutions and global reach make it an idealpartner to support EQT's growth and development ambitions."
NikolaosPerros, Head of Private Equity fund services at Citco, said: "We are proud ofour long-term relationship with EQT, which is well-established as one of theworld's leading private equity firms. EQT's remarkable growth in recent yearsreflects a wider trend in the industry in which the most successful players aredeploying larger funds across a broader canvas of investment opportunitiesglobally. We at Citco have developed the service capabilities -- including people,processes and technologies -- to support the administration needs of thesemega-funds, with speed, efficiency and at scale."
Citco willlaunch a white paper in Q1 2019 highlighting the growth of global 'mega funds'in the alternative asset management sector, addressing specifically thechallenges of size, scale and complexity faced by industry-leading firms aswell as the potential rewards of working with the right partner in solvingthose challenges. The paper will draw on the insights and experiences ofleading practitioners from across the sector, supported by industry data andanalytics. To register your interest in receiving news about the publication,please email privateequity@citco.com.
About Citco
The Citco Group of Companies (Citco) is a leading provider of asset servicing solutions to the global alternative investment industry. With over $1 Trillion in assets under administration and 6,500 staff deployed across 40 countries, Citco's unique culture of innovation and client driven solutions has provided Citco's clients with a trusted partner for more than four decades. Having grown organically into one of the largest asset servicers in the industry, Citco's Fund Services division offers a full suite of Middle Office and Back Office services including, treasury and loan handling, daily NAV calculations and investor services, corporate and legal services, regulatory and risk reporting as well as tax and financial reporting services. Investing heavily in innovation and technology whilst further developing its current suite of client friendly solutions, Citco will continue into the future as a flagbearer for the asset servicing industry.