Citi today announced its Prime Finance division was ranked second overall by hedge fund firms with at least $1 billion in assets in the 2009 Prime Broker Survey conducted by Institutional Investor magazine, a move up from Citi's 2008 position of number three.Prime Finance was ranked first in three out of 10 categories including Client Service, Financing and Asset Protection - tying it for the most number one rankings for firms with over $1 billion in assets.
Citi also ranked fourth among firms with less than $1 billion in assets and was named first in Securities Lending among these firms.
These results follow Citi's strong performance in the 2009 Global Custodian Survey.Citi ranked third among global prime brokers and received top rating in 13 asset class categories and achieved 88 Best in Class mentions across 10 service areas, more than any other prime broker.
"Our client's success is our success, making these results particularly meaningful as they demonstrate Citi is putting our clients first in everything we do," said Nicholas Roe, Managing Director, Global Head of Prime Finance."Citi is committed to its Prime Finance business and to investing and growing the business.We are pleased our clients recognize our commitment and look forward to continuing to provide them with the service and support they have come to expect from Citi."
Institutional Investor compiled its 2009 Alpha AwardsTMrankings of the top hedge fund service providers based on voting in the spring and early summer by more than 650 hedge fund firms, which collectively manage more than $1.1 trillion.Hedge funds were asked to rate the quality of service they received for the 12 months ended March 31, 2009.For each type of provider, service quality was broken down into broad attributes, which included a series of specific points of service.Respondents also rated the importance of each service attribute, the results of which were then used to help calculate the winners in each category, thereby awarding firms that do well in the tasks hedge funds prize most.
About Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, 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 or www.citi.com.
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Jeanette Volpi, 212-816-8022
jeanette.volpi@citi.com