Citi Selects FundAssist for KIID Requirements
![Citigroup Center in New York Citigroup Center in New York](/sites/default/files/styles/landscape_750_463/public/import/IMG/728/182728/citi-citigroup-center-new-york-580x358.jpg.webp?itok=AVG2nQCg)
FundAssist has announced a partnership with Citi, to provide it with Key Investor Information Document (KIID) and related services.
The company's solution assists with the full spectrum of KIID production and maintenance. FundAssist developed the end-to-end, modular-based system with Citi, which allows for its UCITS clients to opt for a fully outsourced service, or one which can be cherry picked according to need.
"Our ability to convert complex investment objectives into plain language, our ability to calculate the Synthetic Risk and Reward Indicator (SRRI), on-going charges and past performance together with our portfolio monitoring capabilities to ensure that the risk profile of the fund has not changed, allows us to offer a complete KIID preparation, production and monitoring service," says Andrew Johnston, senior manager at FundAssist.
KIIDs have replaced the Simplified Prospectus as a means of providing plain-English information on funds to potential investors. Growing out of level two measures from the UCITS IV directive, implemented in July 2011, the documents are required to provide a strictly mandated set of often complex data, distilled into an easily accessible format.
However, industry vendors and market participants have criticized the requirements of KIIDs, saying that restrictions on seemingly basic areas such as typeface and font size, as well as language translation for every country that a fund operates in, have created onerous demands on firms.
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