Citadel Solutions has been selected by Lehman Brothers Holdings (LBHI) to provide administration services, including the creation of an asset servicing platform. Reportedly, Citadel Solutions will leverage its technology and team to support LBHI in managing middle and back-office processing for its derivative, corporate bank loan, commodity and principal investment portfolios.
The company has said that the implementation of the Citadel Solutions platform is anticipated to begin in September 2009, and would be fully operational in 2010. In addition to providing ongoing services for Lehman’s asset classes, Citadel Solutions will supply technology and middle-office support during the wind-down of the Lehman Estate over an anticipated three to four year period.
John Buckley, president of Citadel Solutions, said: “Our subject-matter expertise in all aspects of capital markets will enable us to build an infrastructure to efficiently wind-down the assets held by the Lehman Estate. By leveraging our technology, domain capabilities and team culture, we will provide agile and innovative solutions to our partners at LBHI.”
However, the retention of Citadel Solutions on an interim basis was approved by the bankruptcy court and is subject to the negotiation and execution of definitive documentation.
Citadel Solutions provides technology-driven fund administration and reporting services to hedge funds and financial institutions.
