The global transaction services business unit of Citigroup Inc.'s corporate and investment banking division announced Tuesday that it has been chosen as a service provider for Principal Global Investors' retail separately managed accounts business.
The mandate covers about 1,000 retail accounts totaling $250 million of assets under management.
The foundation of Citigroup's managed account capabilities is an integrated end-to-end operations platform. Asset Manager Solutions automates key functions and adds value through account management efficiency, automated tax and restriction management, electronic trade routing and execution services, paperless processing and work flow management, automated reconciliation, performance reporting, client communications and fulfillment, and imbedded compliance and audit control.
