Citco Wins $1.3B City Of Zurich Mandate

Nov 25 2014 | 1:31pm ET

Hedge fund adminsitrator Citco has been chosen by the City of Zurich Pension Fund to service its $1.3 billion hedge fund portfolio.

The mandate is the latest in what Citco describes as “a series of other key wins from institutional investors.”

Tages Capital, an independent investment and advisory group that allocates significant assets to alternative investment funds on behalf of institutional clients, also awarded Citco a mandate for administration and custody of two of its hedge fund portfolios.

Citco’s Alternative Investor Services group focuses on servicing key fund investor clients such as fund of hedge funds, pensions, endowments, family offices, insurance companies and other institutional investors.

Said William Keunen, global director of Citco Fund Services, in a statement: ‘Citco’s recent decision to exit the sub-custody business for financial institutions was driven by the commoditization of the business and the lack of ancillary services attached to it. We intend to now focus fully on servicing our institutional investor clients with our integrated solution. We are committed to deliv­ering both specialist expertise and state-of-the-art technology. Only by providing both can we continue to give the level of service our clients have come to expect of us.”

Citco is the biggest administrator in the alternative investment industry with assets under administration topping $638 billion for single manager funds and $130 billion for fund of funds.

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