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Diamond Hill appoints Citi to provide global custody, fund services, and securities lending for USD4bn of assets

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Citi has been appointed by Diamond Hill Capital Management, Inc. to provide a range of investor support services for the firm’s fund assets totalling USD4 billion.

"We selected Citi because they offer a rare combination of global perspective and local on-the-ground presence, as well as the ability to structure and scale solutions to meet our specific needs," says James F Laird, Chief Financial Officer, Diamond Hill Capital Management, and President of Diamond Hill Funds. "In making the decision to move our business to Citi, we were impressed by Citi’s understanding of our day-to-day challenges and the value they place on fitting seamlessly into our operations with a consolidated service model."

The scope of services Citi is providing to Diamond Hill includes fund administration, accounting, transfer agency, global custody, and securities lending. Citi’s fund operations are located in Columbus, Ohio, which is also headquarters for Diamond Hill.

"We are extremely pleased that Diamond Hill chose Citi," adds Joseph Rezabek (pictured), Managing Director, Citi’s Fund Services, North America. "As a boutique-style service partner, Citi will draw on years of practical experience to deliver solutions focused on the specialised needs and objectives of Diamond Hill, while leveraging the depth and breadth of our global network."

Through its Securities and Fund Services business, Citi’s industry-focused experts provide investors worldwide with tailored solutions delivered through proven global platforms that feature modular, open architecture. With USD13.5 trillion of assets under custody and the industry’s largest proprietary network, clients can leverage Citi’s local market expertise and global reach to extract value across the entire investment value chain.

Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organisations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the second quarter of 2011, it held on average USD365 billion in liability balances and USD13.5 trillion in assets under custody.

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