Sandalwood Securities has awarded a mandate to Citi. Under the agreement, the fund-of-funds manager will be offered a full complement of fund-of-hedge-funds (FoHFs) administration and custody services by Citi Global Transaction Services (Citi GTS).

Citi will also offer a bundled back-office solution designed specifically for FoHFs, including transfer agency, fully automated global order fulfillment, custody and cash management and transparency, adds ICFA Online. Citi GTS, which services about 65,000 clients worldwide, held on average $365 billion in liability balances and $13.5 trillion in assets under custody.

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