RiverFront Appoints Citi as Separately Managed Accounts Outsourcer
RiverFront Investment Group has appointed Citigroup as business process outsourcer for its retail separately managed accounts (SMAs). RiverFront’s SMA business comprises over 4,000 retail accounts, totalling US$1.5bn in assets under management. Citi will be assuming services from RiverFront’s previous outsourcer.
“Due to the rapid growth of our SMA business, we need systems and expertise that provide more advanced features and capabilities,” said Peter Quinn, RiverFront’s founding partner and chief operating officer (COO). “Citi’s OpenSMA platform provides us with several unique features that allow us to accommodate the increasing scale of our business – automated trade order management, step-out processing, multi-style portfolios (MSP) and unified managed accounts (UMA) capability, fixed income automation and especially seamless connectivity to all our sponsor firms. We were looking for advanced tools and technology that could handle our growing business and Citi OpenSMA features and connectivity really impressed us.”
OpenSMA automates key functions and adds value through: