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Neeraj Sahai, global head of securities and fund services, Citi

Wilshire adopts Citi’s OpenWealth Platform for advisory services


Wilshire Funds Management, a business unit of Wilshire Associates, has adopted Citi’s OpenWealth platform to deliver its core wealth management advisory services.

Wilshire will white-label OpenWealth for capabilities such as automated household rebalancing and tax flow optimisation, household performance and pre-trade compliance functionality, with Citi providing business process outsourcing services to Wilshire’s clients.

Citi’s OpenWealth is the first unified managed household servicing platform that provides automated household portfolio and tax optimisation for investors serviced through distributors and sponsors of wealth management.

"OpenWealth’s unique UMH capabilities and ability to support all types of sponsor programs and investment types on a single platform, coupled with Wilshire’s investment thought leadership, introduce a comprehensive, leading-edge platform to the marketplace," says Larry Davanzo, president, Wilshire Associates. "This partnership represents a quantum leap beyond what is offered in the industry today. The combination of these two industry powerhouses raises the bar on the competitive landscape and a value proposition unmatched by any offering in the industry today."

Neeraj Sahai, global head, Citi’s securities and fund services, adds: "Citi’s award winning technology and global business processing outsourcing capabilities, coupled with Wilshire’s proven institutional approach to investment management, represent a highly differentiated offering to financial services firms providing wealth management to their clients. We believe this is just the beginning to what could amount to the next generation in fee-based managed account capabilities."

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