Citi has enhanced its global web-based investment service, Citibank® Online Investments, offering additional account options for money market mutual funds. “Nominee” and “Fully Disclosed” account options allow clients to leverage all key features and benefits of the current omnibus account model. These include straight-through processing (STP), consolidated online trades, balance and dividend reporting, as well as direct automated settlement to a Citibank operating or custody account while addressing clients’ requirements for additional disclosure reporting.
“We know that transparency is increasingly important to our clients, which is why we have enhanced our industry-leading web-based investment service supporting local investment options in over 30 countries and 19 currencies,” stated Elyse Weiner, Global Head of Liquidity Management Services for Citi Treasury and Trade Solutions. “By adding multiple account options, Citibank Online Investments is able to match or surpass the capabilities of every other portal on the market today. These new account options include an ability to provide STP for all investments regardless of the account set-up. The breadth of our footprint, combined with the depth of Citibank Online Investments’ functionality truly sets us apart.”
Disclosure of a client’s balances to the underlying fund complexes is also an important trend in the cash investment world. Citibank Online Investments addresses that need with the introduction of Nominee accounts, which provide enhanced balance disclosure to funds. For clients selecting this option, fund complexes will get visibility into the clients’ balances and transactions on a real time basis, facilitating tracking of investor relationships and provision of relationship credit.
With the Fully Disclosed account option, clients may elect to open an investment account directly with the fund company as compared with investing through an omnibus account relationship between the fund company and Citi. This option more clearly defines the counterparties to the transactions, with full transparency between investors and investment vehicles. As with the Nominee structure, fund complexes will have the ability to view balances and client activity in real time, assisting in the maintenance of client/fund relationship.
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