Citi bags big Swedish hedge fund manager mandate 18 December 2012Stockholm Reporter: Mark Dugdale
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Citi will provide custody, prime brokerage and depository services to the recently launched Carve fund from Sweden's largest hedge fund manager, Brummer & Partners.
The mandate means that Citi, which has worked in Sweden since 1976, is now able to offer local custody, prime brokerage and depository services in the country.
Peter Thelin, CEO and portfolio manager at Carve Capital, said: “Citi’s local presence, proprietary global sub-custody network and its ability to offer a multi prime brokerage model for Swedish investment funds, putting Sweden in line with the rest of Europe, have been important factors in our decision.”
“We are delighted to be chosen as prime broker for the Carve fund,” added Mark Harrison, European head of prime finance at Citi. “In bringing together our Swedish depository and our global prime finance business, we have created a compelling and integrated offering allowing the Swedish onshore hedge fund community to benefit from Citi’s multi prime brokerage model.”
Citi can now support locally domiciled funds with independent depository capabilities, including oversight of funds’ service providers, safekeeping of funds’ assets, as well as daily automated monitoring of funds’ investment guidelines and regulatory restrictions.
Sanjiv Sawhney, EMEA head of securities and fund services at Citi, said: “We are thrilled to provide depositary and custody services in Sweden. This new offering as well our appointment by one of Europe's longest established and most successful hedge funds further strengthen our presence in this growing and promising market.”
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