Citigroup Appointed by Principal Global Investors to Be Service Provider for Separately Managed Accounts; Mandate Involves Approximately $250 Million in Assets Under Management and 1,000 Retail Accounts.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Global Transaction Services, a business unit of Citigroup Corporate and Investment Banking, today announced that it has been appointed by Principal Global Investors to be a service provider for the asset manager's retail separately managed accounts (SMA (1) See SMA connector. (2) (Shared Memory Architecture) See shared video memory. (3) (Software Maintenance Association) A membership organization that began in 1985 and ended in 1996. ) business. Initially, this mandate involves approximately 1,000 retail accounts totaling $250 million in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . "The separately managed accounts marketplace represents a major growth opportunity for us," said Barbara A. McKenzie, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and Chief Compliance Officer, Principal Global Investors. "As the SMA market evolves and investors look to new asset classes, we believe that our capabilities - particularly our specialty in preferred securities - will be increasingly attractive to sponsors. To support our anticipated rapid growth, we decided to leverage the capabilities of a well-established SMA outsourcer, with a robust infrastructure and connectivity with sponsors. This will allow us to quickly capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. market demand for our strategies and take on new sponsor relationships, without concern about operational and administrative constraints." "We're very pleased that upon completion of its rigorous evaluation process, Principal Global Investors has selected us as service provider as it extends its presence in managed accounts," said Neeraj Sahai, Global Head of Securities and Fund Services, Citigroup Corporate and Investment Banking. "By outsourcing middle- and back-office functions to us, Principal Global Investors can now focus its resources on investment management, new product development and client service to support the growth of SMA sponsors and clients." The foundation of Citigroup's SMA capabilities is Citigroup Asset Manager Solutions for Separately Managed Accounts, a tightly integrated end-to-end operations platform. Asset Manager Solutions automates key functions and adds value through: --Account management efficiency --Automated tax and restriction management --Electronic trade routing and best execution services --Paperless processing and work flow management --Automated reconciliation --Performance reporting --Client communications and fulfillment --Imbedded compliance and audit control Its best-in-class services provide asset managers with a modular solution that promotes efficiencies and reduces operating costs operating costs npl → gastos mpl operacionales , ultimately improving productivity and enhancing profitability. Citigroup's demonstrated success and leadership position in the industry is proof of its unparalleled commitment, as evidenced by its 2005 "Back-Office Solution of the Year" award by The Banker. About Principal Global Investors Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group(R), with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . Principal Global Investors manages $166.7 billion in assets primarily for retirement plans and other institutional clients.(1) About the Principal Financial Group The Principal Financial Group(R) (The Principal (R))(2) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and banking through its diverse family of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. companies. A member of the Fortune 500, the Principal Financial Group has $205.3 billion in assets under management(3) and serves clients worldwide from offices in Asia, Australia, Europe, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Principal Financial Group, Inc. is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors PFG PFG Principal Financial Group PFG Performance Food Group (Richmond, VA) PFG Pinnacle Financial Group PFG Plasma Flood Gun PFG Planning for Growth PFG Pasty Faced Geek PFG Perfluoroguanidine . For more information, visit www.principal.com. About Citigroup Citigroup (NYSE NYSE See: New York Stock Exchange : 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 Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , 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.
(1) As of March 31, 2006. Principal Global Investors is the asset
management arm of the Principal Financial Group(R) (The
Principal(R)), and includes the global asset management operations
of the following members of The Principal: Principal Global
Investors, LLC; Principal Real Estate Investors, LLC; Spectrum
Asset Management, Inc.; Post Advisory Group, LLC; Columbus Circle
Investors; Principal Global Investors (Europe) Limited; Principal
Global Investors (Singapore) Ltd; Principal Global Investors
(Australia) Ltd; and Principal International, Inc., its
subsidiaries and affiliates.
(2) "The Principal Financial Group" and "The Principal" are registered
trademarks of Principal Financial Services, Inc., a member of the
Principal Financial Group.
(3) As of March 31, 2006
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