Citi Signs Fair Capital
Citi has signed up Hong Kong based hedge fund Fair Capital to use the bank’s OpenPrimeSM technology in Asia. Implementation is already complete and Fair Capital went live on OpenPrimeSM last month. Fair Capital is a hedge fund client of Citi and works with Citi’s Securities and Fund Services, a unit of Global Transaction Services, and Prime Finance, which provides prime brokerage services across multiple asset classes (equities, fixed income and foreign exchange). Founded by Airy Lau in late 2006, the fund focuses on a long/short equity strategy on Hong Kong and China stocks. Citi says that OpenPrimeSM offers secure, front-to-back office capabilities including trading, portfolio management and accounting. The service helps facilitate multi-strategy, multi-asset class and multi-currency investing. OpenPrimeSM is offered mainly to hedge funds as a value added service. It is offered jointly by Citi’s Prime Finance business and Global Transaction Services businesses which are key business units in Citi’s Markets & Banking.