Citi Private Bank is replacing its propriety systems with a new investment management solution from software and services provider Charles River Investment. Citi said it will also be using OpenAi as its middle-office services provider and portfolio accounting system.

Citi Private Bank is replacing its propriety systems with a new investment management solution from software and services provider Charles River Investment, as well as also using its own in-house solution for trade processing and reconcilliation.

The new investment management solution, provided by Charles River, will enable Citi Investment Management to have a single, global solution for portfolio management and modelling, order management, trading, and pre- and post-trade compliance.

Citi said it will also be using OpenAi, provided by Citi's investor services division, to handle middle-office trade processing and reconciliation, information delivery and reporting technology.

OpenAi will provide CIM’s investment managers direct access to operational workflow by connecting Citi’s trading platforms and processing systems, third-party providers, custodians and market data sources, allowing managers to view and customize data online, Citi said.

Citi Investment Management, Citi Private Bank's core discretionary investment management business, had approximately $27 billion in global assets under management as of December 31, 2013.