The new organisation is being rolled out by the global financial services group.

Citco Institutional Services is being launched by US-based Citco to serve family offices, outsourced chief investment offices and pension plans around the world. Citco, with $1.0 trillion of assets under administration, is the US-based group offering funds services, custody and depository facilities, technology among other services.

As part of the CIS launch, Nick Eisenlau has been appointed as the head of institutional services to lead the development of the business. Most recently, he served as Citco’s head of strategy and analytics, where he led the development and rollout of CitcoOne, a web data analytics platform.

Citco said that CIS will be the first asset servicer to offer verification of fund fees, across both open-end and close-end fund charges, including management, incentive and carry structures, as well as delivery of standardised reports.   

A spokesperson for Citco confirmed that the new business line is global.

The need to have more data about fees comes at a time when there is more regulatory pressure worldwide on financial organisations to disclose this information. Wealth managers’ investments in areas such as hedge funds, private equity and debt, infrastructure and real estate – often relatively illiquid areas – have also added to the burden of needing to provide quick and easy-to-understand reporting. (Some of the issues around client reporting have been discussed by this news service in a recent research report.)

The new Citco service also provides a performance book of records so that investors can have a full view of their holdings.

“Citco has serviced investor assets for 75 years. Institutional Services is a natural evolution of our core administration capabilities and will broaden our relationship with investors across the globe,” Roald Smeets, president of Citco, said.