Citi Gets Credit Suisse Custody Contract
NEW YORK - Citigroup Inc. said Friday that its Worldwide Securities Services unit had won the $2 billion global custody and trustee business of Credit Suisse Group's U.K. retail funds.Credit Suisse Asset Management chose Citibank after its previous custodian, Lloyds TSB Group, left that market.
Credit Suisse has converted most of its unit trusts - mutual funds governed by trust law - to open-ended funds, which follow a corporate structure. The conversions took place over the Easter weekend; Citibank then took up its custody duties.
The Worldwide Securities Services unit, part of Citigroup's global corporate and investment bank, has $3.9 trillion of assets under custody and a proprietary network in 51 countries.
Ex-Morgan Tech Experts to Lead Offroad Capital
SAN FRANCISCO - John A. Forlines 3d and David B. Weir, who were co-heads of J.P. Morgan's North American technology and telecommunications investment banking group, are now sharing the top job at OffRoad Securities.The company is the broker-dealer subsidiary of Offroad Capital, an online private equity firm.
Mr. Forlines and Mr. Weir were named co-chief executive officers and co-presidents of the unit as well as directors of Offroad Capital.
Mr. Forlines will continue to be based in New York, where he will establish an office for Offroad Capital. Mr. Weir will work from Offroad Capital's San Francisco headquarters.
Both report to Stephen D. Pelletier, who founded the firm and is its chairman and CEO.
Mr. Forlines and Mr. Weir will be in charge of developing Offroad's online marketplace, which links private equity investors with companies in need of capital by increasing alliances with brokers and investors. The firm already has alliances with Charles Schwab & Co., Mayfield Fund, and FleetBoston Financial's Robertson Stephens investment banking unit.
- Compiled by Laura Mandaro