Citco expands strategic partnership program with the integration of Financial Recovery Technologies
New York, 13 May 2020 – The Citco Group Limited and its affiliates (“Citco”), a leading provider of asset servicing solutions to the global alternative investment industry, today announces it has partnered with securities class action recovery service provider, Financial Recovery Technologies (“FRT”). FRT becomes the fourth solutions provider to be added to Citco’s strategic partnership program, focused on creating an integrated ecosystem of leading third-party buyside technology solutions, which was launched last year.
FRT works with over 800 firms to help institutional investors monitor litigations, identify eligibility, file claims and collect funds made available in shareholder class action, global and antitrust settlements. Through this new partnership, Citco can now offer its clients seamless access via its platform, to best-in-industry class action monitoring and recovery solutions. Partnerships such as this allow Citco to further its offering by finding new avenues of utility for the client portfolio data it already collects and processes, instead of isolating it for single-use.
In 2019, over 400 shareholder class actions were filed globally which will result in billions of dollars in settlements. Being able to identify eligibility, and collect funds made available in shareholder class actions allow investors to exercise proper fund governance, while also increasing performance by several basis points per year.
“Continued development of our strategic partnership program by seamlessly integrating complementary services to our existing offering, is allowing Citco to create a one-stop-shop for clients. By doing so we are ultimately reducing costs for our clients and making their lives easier. We are delighted to partner with FRT, the leading provider of securities class action recovery to offer additional value add solutions to our current and future clients” said Albert Bauer, Managing Director of Citco Technology Management, Inc.
“The world of class actions has evolved dramatically over the last five years, requiring investors to evaluate their existing governance, controls, and protocols. FRT has been investing in our relationships with partners to help them provide their clients with access to FRT’s comprehensive suite of services geared at addressing the growing complexities of the global securities and non-securities class action landscape,” said Rob Adler, President of FRT. “We are excited to be a part of Citco’s strategic partnership program to offer a comprehensive, automated class action solution designed to quickly adapt as industry complexity grows.”
Citco is committed to providing holistic solutions that meet the increasingly complex operational needs of the alternative investment industry. Citco’s strategy of partnering with and investing in leading third-party financial technology companies enables it to provide complementary solutions to the firm’s current proprietary technology stack.
Hannah Beard | Jack Davies
Rob Rynd | Paula Morrison
About Financial Recovery Technologies
Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com