Citi has been appointed by Fortelus Capital Management to provide hedge fund administration services to Fortelus' distressed debt fund.

Citi has been appointed by Fortelus Capital Management to provide hedge fund administration services to Fortelus' distressed debt fund. Fortelus is a UK-based firm with more than USD500m in assets under management that provides equity and debt capital for businesses in transition.

Citi will provide hedge fund accounting, administration and investor services through its Global Transaction Services unit from offices in Roseland, New Jersey and the Cayman Islands.

'It is a privilege to be chosen by Fortelus and we are very pleased that they are using our services to administer funds that trade complex securities,' says Bob Wallace, Citi's global head of fund services. 'We look forward to this partnership and supporting their growing business in this space.'

Fortelus operations manager Andy Low says: 'Citi is a firm with global presence and the expertise to meet the challenges of the daily accounting operations. They have the right technology and people to provide the best service for our distressed debt fund.'

Fortelus invests in European special situations, focusing on solutions for businesses in transition or distress that may be overlooked by traditional capital providers. The firm provides capital for turnaround investments, loans for expansion or stabilisation of businesses, private equity investments and purchases of debt.

Citi's Global Transaction Services offers integrated cash management, trade, securities and fund services to multinational corporations, financial institutions and public sector organisations worldwide through a network spanning more than 140 countries. The business supports more than 65,000 clients and held an average of USD273bn in liability balances and USD11.9trn trillion in custody assets during the third quarter.