Citigroup announced Tuesday it has expanded its OpenWealth platform to include a complete package of trust accounting, operations outsourcing and custody services.
Citi said that the new services have been introduced because investors are demanding new products, more detailed reporting and a higher level of service from their wealth managers. OpenWealth now offers managers a suite of modular services incorporating modern technology, extensive flexibility and the experience of a leader with a proven track record of building client-focused solutions.
OpenWealth’s new offerings delivers trust accounting on a scalable, customizable web-based platform with real-time processing and reporting that supports all phases of the account administration cycle. OpenWealth aggregates household level data across wealth management platforms, investment managers and third-party custodians, and offers unified household capabilities, a front-to-back solution that eases key operational and administrative burdens and lets managers focus on building relationships and growing their business.
OpenWealth offers custody service with access to a global network covering over 92 markets and full operations outsourcing.
“OpenWealth delivers a complete solution that enables our clients to focus on their core activities of managing assets and serving their clients,” said Chandresh Iyer, Citi’s head of custody and investment services, securities and fund services. “Switching over to a new platform is an important decision for our clients, and we are committed to delivering best-in-class solutions based on leading edge technology to help grow their business.”
Through its securities and fund services business, Citi provides institutional investors with tailored solutions delivered through global platforms that feature modular, open architecture. Citi has over $12 trillion of assets under custody.