'The hedge fund middle office service has been designed to improve operational efficiency and transparency for hedge fund managers by providing independent third party operations,' says Chandresh Iyer, head of global custody and investment administration services at Citi (pictured). 'It can be used either on a standalone basis, or in conjunction with Citi's suite of hedge fund administration services.'

The services include a suite of post-trade and pre-settlement services which are scalable and modular. The services are global and include technology solutions that help manage daily trade processing and P&L reporting, OTC confirmation and valuation, collateral management, corporate action processing and cash management.

In addition, Citi's solution allows hedge funds to move to a more variable operational cost model. The services are available to funds operating in North America, Latin America, Europe and Asia-Pacific.