Lehman Brothers Holdings Inc. Selects Citadel Solutions as Asset Servicing Platform Provider
Posted on: Wednesday, 26 August 2009, 10:18 CDT
CHICAGO, Aug. 26 /PRNewswire/ -- Citadel Solutions announced today that it has been selected by Lehman Brothers Holdings Inc. (LBHI) to provide administration services, including the creation of an asset servicing platform. Citadel Solutions will leverage its proprietary technology and team of experts to support LBHI in managing middle and back-office processing for its derivative, corporate bank loan, commodity and principal investment portfolios.
"Following an extensive search, we are confident that Citadel Solutions has the technological capabilities and expertise we need to execute our transition strategy," said Jeff Donaldson, head of LBHI's technology transition effort and managing director for Alvarez & Marsal, a leading professional services firm overseeing LBHI's restructuring. "Citadel Solutions's single platform is a flexible and cost-effective means to service LBHI's complex and diverse asset portfolios. It clearly meets our objective of maximizing value to creditors in the most suitable way."
The implementation of the Citadel Solutions platform is anticipated to begin in September 2009, and to 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. The retention of Citadel Solutions on an interim basis was approved today by the bankruptcy court and is subject to the negotiation and execution of definitive documentation.
"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," said John Buckley, President of Citadel Solutions. "By leveraging our technology, domain capabilities and team culture, we will provide agile and innovative solutions to our partners at LBHI."
About Citadel Solutions
Launched in 2007, Citadel Solutions (www.citadelsolutions.com) provides technology-driven fund administration and reporting services to hedge funds and financial institutions that operate across a broad range of investment strategies. With more than $25 billion in assets under administration, Citadel Solutions leverages Citadel's best-in-class infrastructure and leading-edge technology to provide Operational Alpha(R) to its clients.
Citadel Solutions Contact: Devon Spurgeon; devon.spurgeon@citadelgroup.com; 312-395-4229
LBHI Contact: Kimberly Macleod; kmacleod@lehman.com; 212-526-2380
SOURCE Citadel Solutions
Source: PR Newswire
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