Citi Units Live with DTCC Managed Account Service
Two of Citi’s businesses, Smith Barney and Global Transaction Services, have gone into full production with The Depository Trust & Clearing Corporation’s (DTCC) Managed Accounts Service, after a test period and successful migration of their systems to the new platform. DTCC’s automated, centralised platform for managed accounts is streamlining communications among investment managers, sponsors and service providers. These communications comprise messages associated with opening and maintaining managed accounts throughout their lifecycle. DTCC’s infrastructure supports virtually all of the securities markets in the US, from equities and fixed-income, to mutual funds, insurance investments and over-the-counter (OTC) derivatives. Chandresh Iyer, managing director and head of Citi’s Investment Administration Services, said: “Connecting the Global Transaction Services portal to DTCC’s gateway will bring a new level of operational scalability to our business and to our clients. As a premium provider in the managed accounts space, we look for ways to unleash the full potential of these accounts and, at the same time, allow our multiple investment manager and sponsor clients to focus on customisation and premier client services.” DTCC will continue to expand the functionality of the service over the next two years to support dual contracts, unified managed accounts and model-only products, all of which are becoming increasingly important in the managed account space.