Global Transaction Services, a business unit of
Citigroup (NYSE: C) Corporate and Investment Banking, today announced
that it has been appointed as the operations service provider for
Lazard Asset Management's separately managed accounts business.
Lazard Asset Management's SMA business oversees more than 40,000 accounts, with $13.6 billion in assets under management.
"We conducted a rigorous review of internal and external servicing options before selecting Citigroup," says Gerald Mazzari, Chief Operating Officer of Lazard Asset Management. "For us, just as significant as Citigroup's capabilities in account management and record-keeping, is its innovative approach to solving some of the intractable problems in servicing SMA accounts. By outsourcing administrative and operating functions to Citigroup, we can confidently focus on our core competency: delivering superior investment management results and service for our clients."
"Being appointed by Lazard Asset Management is evidence that we are providing the solutions asset managers are seeking in the SMA space," says Neeraj Sahai, Global Head of Securities and Fund Services, Citigroup Corporate and Investment Banking. "Our institutional experience as both SMA Sponsor and Manager and our market-leading record of technological innovation enable us to provide preeminent asset managers like Lazard Asset Management with the value-added capabilities they require to scale their SMA business for strong future growth."
The technological core of Citigroup's SMA capabilities is Citigroup(R) Asset Manager Solutions for Separately Managed Accounts. This end-to-end operations servicing platform, which standardizes current and disparate processes across all aspects of the industry, allows investment advisors to manage all their accounts, regardless of style of sponsor, very efficiently. The platform provides real-time access to performance and portfolio data, enables investment advisors to deliver robust statement reporting to clients both in print and via the Web, and allows them to enjoy considerable cost savings and the capability to enhance revenues and assets under management.
In recognition of its technological innovation, Citigroup(R) Asset Manager Solutions for Separately Managed Accounts was honored as the 2005 "Back-Office Solution of the Year" by The Banker.
About Lazard Asset Management
An indirect subsidiary of Lazard Ltd, Lazard Asset Management offers a range of equity, fixed-income, and alternative investment products worldwide. The firm manages more than $73 billion for institutional clients and high-net-worth individuals.
About Citigroup
Citigroup (NYSE: C), the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, and Banamex. Additional information may be found at www.citigroup.com <http://www.citigroup.com>.
About Citigroup Corporate and Investment Banking
Our Corporate and Investment Banking group achieves the extraordinary for our clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients - our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy. Core business lines under Citigroup Corporate and Investment Banking include Global Capital Markets, Global Banking and Global Transaction Services.
Lazard Asset Management's SMA business oversees more than 40,000 accounts, with $13.6 billion in assets under management.
"We conducted a rigorous review of internal and external servicing options before selecting Citigroup," says Gerald Mazzari, Chief Operating Officer of Lazard Asset Management. "For us, just as significant as Citigroup's capabilities in account management and record-keeping, is its innovative approach to solving some of the intractable problems in servicing SMA accounts. By outsourcing administrative and operating functions to Citigroup, we can confidently focus on our core competency: delivering superior investment management results and service for our clients."
"Being appointed by Lazard Asset Management is evidence that we are providing the solutions asset managers are seeking in the SMA space," says Neeraj Sahai, Global Head of Securities and Fund Services, Citigroup Corporate and Investment Banking. "Our institutional experience as both SMA Sponsor and Manager and our market-leading record of technological innovation enable us to provide preeminent asset managers like Lazard Asset Management with the value-added capabilities they require to scale their SMA business for strong future growth."
The technological core of Citigroup's SMA capabilities is Citigroup(R) Asset Manager Solutions for Separately Managed Accounts. This end-to-end operations servicing platform, which standardizes current and disparate processes across all aspects of the industry, allows investment advisors to manage all their accounts, regardless of style of sponsor, very efficiently. The platform provides real-time access to performance and portfolio data, enables investment advisors to deliver robust statement reporting to clients both in print and via the Web, and allows them to enjoy considerable cost savings and the capability to enhance revenues and assets under management.
In recognition of its technological innovation, Citigroup(R) Asset Manager Solutions for Separately Managed Accounts was honored as the 2005 "Back-Office Solution of the Year" by The Banker.
About Lazard Asset Management
An indirect subsidiary of Lazard Ltd, Lazard Asset Management offers a range of equity, fixed-income, and alternative investment products worldwide. The firm manages more than $73 billion for institutional clients and high-net-worth individuals.
About Citigroup
Citigroup (NYSE: C), the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, and Banamex. Additional information may be found at www.citigroup.com <http://www.citigroup.com>.
About Citigroup Corporate and Investment Banking
Our Corporate and Investment Banking group achieves the extraordinary for our clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients - our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy. Core business lines under Citigroup Corporate and Investment Banking include Global Capital Markets, Global Banking and Global Transaction Services.