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Citi’s Form PF Solution Helps Meet Data And Operational Challenges Facing Alternative Asset Managers

Citi’s global Form PF solution helps alternative managers prepare and file Form PF, a SEC requirement designed to report risk exposure metrics on a consistent basis. This Form PF solution is part of Citi’s greater offering within its alternatives suite of products and is being successfully utilized by Citi clients.

Form PF reporting is a product of the Dodd-Frank Act, which was introduced in 2011 to protect investors and the U.S. financial system from systemic risk. The Form requires registered investment advisers (RIAs) for private funds such as hedge funds and private equity funds that meet certain thresholds to disclose details about the types of securities they trade, their use of leverage and other risk exposure measures.

Citi’s Form PF solution provides extensive data management tools to gather, aggregate and map data in order to deliver the information needed to prepare and finalize the reports for filing with the SEC.

“We are pleased to be working with Citi and their Form PF solution,” said Jonathan Isler, Chief Financial Officer, Deerfield Management Company, L.P. “It allows us to efficiently gather, aggregate and review critical information needed for the regulatory filings.”

“Since Form PF’s implementation, our clients have worked hard to meet filing requirements in a short amount of time,” said Mike Sleightholme, Global Head of Hedge Fund Services, Citi. “With this solution, as well as a dedicated team from Citi, our clients have been able to streamline the filing process and focus their energy on managing their increasingly complex organizations.”

RIAs with at least $150 million in private fund assets under management are required to periodically file Form PF with the SEC. Each report must include the amount of assets under management, the use of leverage, counterparty risk exposure, and information about trading and investment positions.

Citi’s Form PF offering includes:

• Analysis of Data — Full-service solution including explanation of data requirements, aggregation, mapping and calculation of data producing a final report for review and electronic filing with SEC

• Data Aggregation and Mapping — Collection of existing and additional data required from other third-party providers such as prime brokers and counterparties to be reviewed, aggregated and mapped to Form PF questions

• Filing Calendar — Creation of Form PF production calendar to meet deliverables with dry run report and mock filing

• Presentation to Client — Web-based view to draft version of the form and drill-down features to audit data and calculations for sign-off

• Form Filing — Calculation of data and production for final reports for review and electronic filing with the SEC

Citi OpenAi is the information and reporting engine of Citi OpenInvestor’s alternatives solution. Citi OpenInvestor provides institutional, alternative and wealth managers with middle-office, fund services, custody, and investing and financing solutions that are focused on their specific challenges and customized to their individual needs. For more information, visit openinvestor.transactionservices.citi.com.

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