NEW YORK--()--TIAA-CREF Trust Company, FSB, a leading financial services provider has selected OpenWealth®, Citi’s award-winning wealth management solution, as its new service delivery platform for its Private Asset Management offering, extending and expanding the relationship it began in 2009 for its Portfolio Advisor business.
“Together we have delivered a highly efficient and robust wealth management platform second to none in the industry today, which is largely attributable to TIAA-CREF’s dedication and ongoing contribution to innovation.”
“Serving our Private Asset Management clients requires a high degree of customized portfolio and tax management,” said Jason Creel, Managing Director of TIAA-CREF’s Managed Account group. “We have been very pleased with the efficiencies and growth OpenWealth has brought our Portfolio Advisor business through a unified managed account. OpenWealth streamlines administrative tasks for our Private Asset Management investment professionals, allowing them to work more closely with our clients.”
Citi’s OpenWealth delivers a full suite of wealth management investment services solutions. Launched in 2009, OpenWealth has rapidly grown to over $14 billion in assets making it the largest service provider of UMA/UMH in the managed accounts industry1.
“We are very pleased and excited to expand our successful relationship with one of the most respected names in wealth management and retirement services," said Chandresh Iyer, Global Head of Wealth and Asset Manager Services, Investor Services, Citi. “Together we have delivered a highly efficient and robust wealth management platform second to none in the industry today, which is largely attributable to TIAA-CREF’s dedication and ongoing contribution to innovation.”
OpenWealth provides the wealth managers with an end-to-end service platform that automates the provision of Unified Managed Accounts and Households (UMA/UMH), including the following capabilities:
- Automated household rebalancing with tax and cash flow optimization
- Supports all types of advisors with a desk top across accounts and investment products with pre-trade compliance monitoring “guard rails”
- Multiple platform configurations for all managed account products
- Automated rebalancing at lower cost with unlimited overlay options including advisor controlled, in-house CIO, and third party
- Performance at the household, portfolio, account and sleeve level
- Open architecture access to investment research, due diligence and overlay services
- Aggregated reporting of assets from brokerage, trust and assets held at third- party advisors
Citi is a leading provider of wealth management platforms and services that ease operational and administrative burdens through end-to-end portfolio management, rebalancing, trading, reporting, trust administration and global custody capabilities. Citi’s full suite of investment services solutions delivered through Citi OpenInvestorSM lets wealth managers focus on building relationships and growing their business.
Citi OpenInvestor is the investment services solution for today’s diversified investor that combines specialized expertise, comprehensive capabilities and the power of Citi’s global network to help clients meet performance objectives across asset classes, strategies and geographies. Citi OpenInvestor provides institutional, alternative and wealth managers with middle office, fund services, custody, and investing and financing solutions that are focused on their specific challenges and customized to their individual needs. For more information, visit openinvestor.transactionservices.citi.com
Citi 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 organizations around the world. With a network that spans more than 95 countries, Citi’s Transaction Services supports over 65,000 clients. As of the second quarter of 2012, it held on average $396 billion in liability balances and over $12 trillion in assets under custody.
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $481 billion in assets under management (as of 6/30/12) and is the leading provider of retirement services in the academic, research, medical and cultural fields. Portfolio Advisor is an investment advisory managed account service offered through Advice and Planning Services, a division of Services LLC, a SEC registered investment adviser. Brokerage Services are provided by TIAA CREF Individual & Institutional Services, LLC, member FINRA/SIPC.TIAA-CREF Individual & Institutional Services, LLC, a registered investment advisor, provides investment advisory services. Trust services are provided by TIAA-CREF Trust Company, FSB.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. 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.
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1 Source: Money Management Institute, Dover Financial Research – Central Report Issue 28, Q2, 2012