Citi’s Global Transfer Agency business has adopted Fenergo’s Client Lifecycle Management platform to digitise investor onboarding and due diligence services for regulated funds in Europe.

Using the platform, Citi will enable customised policy-driven risk assessment for anti-money laundering (AML) and know your customer (KYC) checks for clients while also improving the efficiency of investor onboarding.

The firm said that clients would benefit from automated data validations and real-time reporting through API connectivity.

Citi’s Global Transfer Agency unit is part of the bank’s Fund Services business, which caters to institutional clients including asset managers and investment managers who create and run regulated funds for institutional or retail investors.

The adoption of Fenergo is part of Citi Transfer Agency’s digital transformation and follows the launch of the bank’s digital Transfer Agency service in the UK in 2023.

“The Fenergo platform brings together new generation technology with in-depth working knowledge of the regulatory environment that is crucial to supporting a breadth of multi-domiciled investments across diverse asset classes,” commented Citi Fund Services Global Transfer Agency head, Larissa Sototskaya.

“As the regulatory environment evolves, the adoption of Fenergo ensures that we move at pace with the industry while providing a real-time view of investor statuses.”

Fenergo managing director, EMEA, Ruth Ormsby, added: "We are delighted to support Citi’s Global Transfer Agency business in Europe with our Client Lifecycle Management platform.

“Fenergo is firmly established as the market leader in this area and we are committed to evolving our platform with the latest innovations.

“This aligns with our goal to empower financial institutions like Citi to create a more engaging experience for investors, while maintaining the highest standards of compliance and operational excellence."

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