Citigroup to Acquire Forum Financial Group; Citigroup's Global Transaction Services Strengthens Its Fund Administration Services Offering.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 3, 2003 Citigroup (NYSE NYSE See: New York Stock Exchange : C) today announced that it is acquiring Forum Financial Group, a provider of fund administration services with over 18 years of service history. The acquisition will include Forum Financial Group's operations in Portland, Maine Portland is the largest city in the U.S. state of Maine, with a 2004 population of 63,882. Portland is Maine's cultural, social and economic capital. Tourists are drawn to Portland's historic Old Port district along Portland Harbor, which is at the mouth of the Fore River and part , Warsaw Warsaw (wôr`sô), Pol. Warszawa, city (1993 est. pop. 1,655,700), capital of Poland and of Mazowieckie prov., central Poland, on both banks of the Vistula River. , Poland, and Bermuda with approximately 400 employees. The acquisition will provide sustained value and growth opportunities for Citigroup's Global Transaction Services. "This acquisition demonstrates our strategic focus on meeting the Fund Administration service needs of leading fund managers worldwide," said Frank J. Bisignano, Chief Executive of Citigroup's Global Transaction Services. "Forum has built its business over 18 years through continued customer excellence, as demonstrated by its top ranking in external customer satisfaction surveys. We look forward to growing the value and profitability of this business by applying our global operating experience together with introductions to our extensive, premier client base." "In addition to establishing a strong presence in fund accounting in the U.S., the acquisition enhances our transfer agency capabilities and continues the development of our ability to service hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" clients. Citigroup is committed to integrating this new operation into a world class, scaleable business and enhancing our service offering to new and existing Citigroup clients," said Bisignano. "Citigroup Global Transaction Services will enable us to offer our customers access to the full platform of transaction service products while providing our employees the opportunity to help build the premier global Funds Administration service provider," said John Keffer, Chief Executive, Forum Financial Group. "The combination of Citigroup's expertise, resources and client relationships with our operational capabilities and the experience of the Forum Financial Group team will be unbeatable." Upon closing, up to 400 Forum Financial employees will be integrated into Citigroup but remain based in Portland, Maine, Warsaw, Poland, and Bermuda. The deal is expected to close before the end of the year. About Citigroup Citigroup (NYSE: C), the preeminent pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae global 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. company with some 200 million customer accounts in more than 100 countries, provides 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. , Banamex, and Travelers Life and Annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. . Additional information may be found at: www.citigroup.com. About Citigroup Global Transaction Services Citigroup(R) Global Transaction Services is a leading provider of integrated cash management, trade finance and securities services for corporations, financial institutions, intermediaries and governments around the world. With over $100 billion in average liability balances, more than $5.5 trillion in assets under custody and the largest proprietary branch network, Citigroup's award-winning operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. cycles, and re-engineer receivables and payment processes. Citigroup(R) Global Transaction Services provides clients with access to Citigroup's full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 90 local markets. For additional information, see www.transactionservices.citigroup.com. Citigroup Global Transaction Services is part of Citigroup's global corporate and investment bank, which provides complete financial solutions to corporations, governments and institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. in more than 100 countries. Award-winning businesses include corporate and investment banking, sales and trading, transaction services, commercial finance and insurance products. Additional information can be found at: www.citigroupgcib.com About Forum Financial Group Forum Financial Group is a leading service provider to the global mutual fund, hedge fund and offshore fund industries. From its operation centers in 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. , Poland and Bermuda, Forum provides comprehensive administration, distribution, fund and partnership accounting, transfer agency, shareholder services and custody for all types of pooled investment vehicles. Forum's domestic operations are headquartered in Portland, Maine. For more information, visit www.forum-financial.com |
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