Citi has expanded its OpenWealth solution to enable global wealth managers to manage trust accounts and cross-border investments on a single platform.
Citi Private Bank will use OpenWealth services for its trust administration, custody and mutual fund clearing services for its North America and Latin America businesses.
“After a thorough review of the market, we selected OpenWealth for its modern technology and its fully integrated global capabilities,” says Dena Brumpton, chief operating officer, Citi Private Bank. “OpenWealth provides the flexibility and real-time information that will enable us to deliver a high level of service and innovation to our clients.”
With roots dating to 1822, Citi Private Bank has a long heritage of providing fiduciary services and continues to be a leader in trust and private banking. Today, Citi continues to meet the requirements of the world’s wealthiest clients by offering estate-planning strategies, fiduciary and investment management services, and an open investment platform that provides access to top-tier third-party investment managers.
"Citi Private Bank is one of the largest and most global organisations to use OpenWealth’s integrated trust and custody solution”, says Chandresh Iyer, managing director, Citi Investor Services. “The private bank’s selection validates OpenWealth as a best-in-class solution for today’s global requirements. We are certainly pleased to be able to expand our services to one of the most respected names in private banking, as well as use the additional scale to the benefit of all our clients.”