Linedata’s Beauchamp Hedge Fund Solution Deployed by Citigroup
2 August 2006
Linedata Services today announced the licensing of its Beauchamp Hedge Fund Solution to Citigroup’s Global Transaction Services and Prime Brokerage divisions. Branded as OpenPrimeSM, the new Citigroup operating platform developed specially for the hedge fund market, will be backed by Beauchamp’s full product suite as a hosted solution and offered to Hedge Fund managers.
The Beauchamp suite provides full front-to-back functionality, including electronic trading, real-time positions/P&L and fund accounting. The software is multi asset class, multi currency and interfaces with multiple executing and prime brokers. It includes Beauchamp’s leading real-time portfolio management capability that allows aggregation and examination of portfolios, with fully weighted P&L, and almost limitless custom reporting capability. The interfaces to multiple prime brokers are automated and include automatic reconciliations.
Nobel Gulati, Managing Director at Citigroup Global Markets, said “After completing an exhaustive review of vendor solutions available in the Order and Portfolio Management arena, we selected Beauchamp because it provides a very rich functionality set, focused exclusively on hedge funds, and the product has been proven over many years, across a very broad spectrum of clients and asset classes. The Beauchamp product suite is a core component of our initial offering, which we will integrate with a number of Citigroup's prime brokerage, execution and fund services products and solutions.”
Stuart Farr, CEO of Linedata’s Beauchamp business, said, "We are delighted with the Citigroup deal. Having provided software to over 250 hedge fund managers globally, encompassing managers of all sizes and all strategies, we believe this deal cements our leading global position in the hedge fund software market. Working with such a large number of hedge fund managers provides us with a unique insight into the demands of managers trading equity, fixed income, FX and credit in one fund, or hundreds, in one currency or a multitude. Requirements differ according to a manager’s strategy and region, in both the front and back office - the Beauchamp product suite encompasses these differences.”
Anvaraly Jiva, Chairman and CEO of Linedata Services said, “We are very pleased with the Citigroup relationship which further demonstrates our commitment to the hedge fund software business, a growing market inside our Asset Management division. This new partnership is perfectly in line with our objective to reinforce our leadership in the Asset Management industry.”
About Citigroup
Citigroup (NYSE: C), the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, and Banamex. Additional information may be found at www.citigroup.com.
About Citigroup Corporate and Investment Banking
Our Corporate and Investment Banking group achieves the extraordinary for our clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients - our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy. Core business lines under Citigroup Corporate and Investment Banking include Global Capital Markets, Global Banking and Global Transaction Services.