Citigroup Global Transaction Services is to partner with Bloomberg’s Asset and Investment Manager system and Euroclear Bank’s FundSettle – the firm’s cross-border fund processing platform – to fully automate front-to-back-end fund-transaction processing for institutional clients.

This agreement will allow Citi’s clients to use Bloomberg's AIM to access FundSettle without any extra communications fee. FundSettle provides a single access point for fund buyers to process subscriptions, redemptions, transfers and switches; it covers more than 47,000 investment funds worldwide and over 510 transfer agents.

“Bloomberg, Citi and Euroclear have taken an innovative approach to seamlessly link the front of house with our back-office processing capabilities,” said Ivan Nicora, director and head of Investment Fund Product Management at Euroclear

Nicora added that the platform removes manual processing tasks, risks and expenses for subscriptions and redemptions. “We are pleased to add this new means of accessing FundSettle, thereby offering asset managers a unique opportunity to streamline their fund transactions,” he said.

Bloomberg's AIM system offers a front-end package for strategy management, compliance, financing, trade settlement, portfolio analysis, order management and electronic trading.