NEW YORK, Dec. 16, 2014 /PRNewswire/ -- Citi (NYSE: C) Private Bank has announced that it has selected Fi-Tek, LLC's Global Wealth Enterprise Solution™ (Global WealthES) as its core securities processing and accounting platform. The firm will now leverage Global WealthES to provide integrated straight through functionality on a single database. At the heart of the system is a robust securities processing and accounting engine, which is designed for enterprise wide productivity improvement and reduction of operational risks through automation of major functions. Global WealthES also features a flexible communications bus built on BizTalk technology to integrate with internal and external ecosystems for seamless communications.
"Our partnership with Fi-Tek reaffirms Citi Private Bank's commitment to servicing our clients by investing in the latest technology," said John Barker, head of Citi Private Bank North America Operations.
Fi-Tek developed Global WealthES by leveraging its current wealth management platform TrustPortal, to serve the needs of larger global private banks and custodians. "Over the last ten years, we have invested heavily in new technology and in developing wealth management lifecycle functionality to make Global WealthES an efficient, feature rich, market leading solution to help our customers manage their businesses more efficiently," said Subir Chatterjee, President & CEO of Fi-Tek. "We recognize that our clients' business needs are changing, so we continuously enhance our systems to help our clients meet tomorrow's challenges. We are delighted to have a sophisticated client like Citi Private Bank select our platform, and we are enjoying our partnership."
Global WealthES's newer capabilities include global securities processing, SWIFT interface for real time custody integration, data aggregation, and a robust business intelligence tool to provide senior managers the ability to analyze data to better manage their business.
The Global WealthES platform is fully integrated with Citi's Investor Services' proprietary global custody network which provides direct access to 97 markets worldwide, as well as Citi's Collective Investment Services (CIS), an industry-leading mutual fund trade execution, settlement and custody service. Global WealthES is deployed through a secure private environment hosted by Fi-Tek.
Citi Private Bank advises some of the world's wealthiest, most influential individuals and families. With $310 billion in global assets under management, the franchise includes 50 offices in 15 countries, serving clients across 139 countries. The firm offers clients products and services covering capital markets, managed investments, portfolio management, trust and estate planning, custody, investment finance, banking and art, aircraft and sports advisory and finance.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Fi-Tek is a leading provider of technology and technology enabled solutions to the wealth management and alternative investments markets. A wide range of domestic and international financial institutions, including Asset Managers, Trust and Private Banks, Family Offices, Hedge Fund Managers & Administrators, and Broker/Dealers service over $1.3 trillion dollars of assets on Fi-Tek's platforms.
Additional information on Fi-Tek and its solutions may be found at www.fi-tek.com
Citi Private Bank
Citi Private Bank is a business of Citigroup Inc. ("Citigroup"), which provides its clients access to a broad array of products and services available through bank and non-bank affiliates of Citigroup. Not all products and services are provided by all affiliates or are available at all locations. Neither Citigroup Inc. nor any of its affiliates offer tax or legal advice. Custody Services are provided by Citibank N.A.
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SOURCE Fi-Tek; Citi Private Bank