Citigroup (NYSE: C), the beleaguered New York based banking behemoth may see it’s stock price suffering, but has achieved acclaim in foreign markets recently, most specifically, Latin America. Custody Risk has named Citi Fund Administrator of the Year, noting that Citi’s extensive experience in addressing the specific challenges of global investors and its ability to tap the intellectual capital of Citi’s local network, to help clients deepen their insight, extend their reach and expand their business.
Citi has long held a leading role in the region, providing custody services for over two decades while also serving as a Fund Administrator. The firm has over $630 billion in assets under custody in the Latin America region, and more than seventy thousand employees as well. While many banks seek to service the Latam region through Miami based operations, Citi maintains offices in 23 countries, offering administration and custody services to Hedge Funds, Private Equity, Securitization and Real State funds across Latin America. Citi has recently been ranked # 1 in Private Equity Fund Administration services by the Comissão de Valores Mobiliários (CVM), Brazil’s securities regulator, and being the first provider of ETF services in Mexico, Brazil and Colombia.
Alejandro Berney, Citi’s Transaction Services Latin America & Mexico head for Securities and Fund Services commented “These awards are a testament to the outstanding work that Citi has undertaken over the course of more than a century in Latin America. We continue to place significant emphasis on developing long-term relationships with a diverse portfolio of clients. Innovation is one of our distinctive features, which has proven extremely valuable in helping our clients understand and meet the ever-changing needs of these rapidly evolving markets.”
Fernando Iraola, who leads the Citi Transaction Services Latin America and Mexico Region head, also commented: “We are proud to have won this award, a valuable recognition of the investment in innovation that Citi carries out in Latin America and across the world. With Citi, clients are continuously benefiting from our global capabilities, enabling growth, reducing costs, and assisting them in maintaining a robust control environment.”
The banking giant still has a far road to travel, first to pass the stress tests which it reportedly failed, and then beginning to gain market share and return it’s stock price to the pre-reverse split levels. Shareholder value has been severely diminished in recent years, but foreign growth could spur a return to it’s pre crisis levels of success. Chief Executive Vikram Pandit has his work cut out for him, and investors will be keenly watching if awards like this lead to success where it matters most, on the Income Statement.
