New York — Citigroup today announced that it is acquiring Forum Financial Group, a provider of fund administration services with over 18 years of service history. The acquisition will include Forum Financial Group's operations in Portland, Maine, Warsaw, Poland, and Bermuda with approximately 400 employees. The acquisition will provide sustained value and growth opportunities for Citigroup's Global Transaction Services.
"This acquisition demonstrates our strategic focus on meeting the Fund Administration service needs of leading fund managers worldwide," said Frank J. Bisignano, Chief Executive of Citigroup's Global Transaction Services. "Forum has built its business over 18 years through continued customer excellence, as demonstrated by its top ranking in external customer satisfaction surveys. We look forward to growing the value and profitability of this business by applying our global operating experience together with introductions to our extensive, premier client base."
"In addition to establishing a strong presence in fund accounting in the U.S., the acquisition enhances our transfer agency capabilities and continues the development of our ability to service hedge fund clients. Citigroup is committed to integrating this new operation into a world class, scaleable business and enhancing our service offering to new and existing Citigroup clients," said Bisignano.
"Citigroup Global Transaction Services will enable us to offer our customers access to the full platform of transaction service products while providing our employees the opportunity to help build the premier global Funds Administration service provider," said John Keffer, Chief Executive, Forum Financial Group. "The combination of Citigroup's expertise, resources and client relationships with our operational capabilities and the experience of the Forum Financial Group team will be unbeatable."
Upon closing, up to 400 Forum Financial employees will be integrated into Citigroup but remain based in Portland, Maine, Warsaw, Poland, and Bermuda. The deal is expected to close before the end of the year.
About Citigroup
Citigroup, the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com.
About Citigroup Global Transaction Services
Citigroup Global Transaction Services is a leading provider of integrated cash management, trade finance and securities services for corporations, financial institutions, intermediaries and governments around the world. With over $100 billion in average liability balances, more than $5.5 trillion in assets under custody and the largest proprietary branch network, Citigroup's award-winning operating systems and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing cycles, and re-engineer receivables and payment processes. Citigroup® Global Transaction Services provides clients with access to Citigroup's full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 90 local markets. For additional information, see www.transactionservices.citigroup.com.
Citigroup Global Transaction Services is part of Citigroup's Global Corporate and Investment Banking Group, which provides complete financial solutions to corporations, governments and institutional investors in more than 100 countries. Award-winning businesses include corporate and investment banking, sales and trading, transaction services, commercial finance and insurance products. Additional information can be found at: www.citigroupgcib.com
About Forum Financial Group
Forum Financial Group is a leading service provider to the global mutual fund, hedge fund and offshore fund industries. From its operation centers in the United States, Poland and Bermuda, Forum provides comprehensive administration, distribution, fund and partnership accounting, transfer agency, shareholder services and custody for all types of pooled investment vehicles. Forum's domestic operations are headquartered in Portland, Maine. For more information, visit www.forum-financial.com
