Citigroup Inc. said it will provide hedge fund administration services for Fortelus Capital Management LLP's distressed debt fund.
Fortelus, a U.K. firm with more than $500 million of assets under management, focuses on providing equity and debt capital for businesses in transition. Citi will provide hedge fund accounting, administration, and investor services through its global transaction services unit from offices in Roseland, N.J., and the Cayman Islands, the New York banking company said Monday.
Citi's global transaction services unit offers integrated cash management, trade, and securities and fund services to financial institutions and, among other companies. As of Sept. 30 it had $11.9 trillion of assets under custody.