There was great news for Citigroup today as the company were awarded the mandate to provide hedge fund administration services for Credit Suisse’s asset management unit.

The move will add a further $28bn to the firm’s AuA (Assets under Administration), and is primarily designed to support part of the Swiss investment bank’s US-based alternative investments business.

A Citigroup statement suggested that the move will include middle-office, custody and hedge fund administration services.

Mike Sleightholme, Head of the global hedge fund services with Citi’s global transaction services, felt that the move demonstrated a chance to showcase the company’s “expert staff and leading technology.”

As part of the deal, a section of the middle office operations within Credit Suisse’s asset management division will be moved onto Citi’s service platform.

This includes operations, technology and data management capabilities.

Nigel Hill, Global head of liquid investments operations in Credit Suisse’s asset management division, felt the move offered Credit Suisse the chance to expand their profile.

“Our relationship with Citi gives us the opportunity to enhance our daily operations and the services we provide to our clients in a highly scalable manner,” stated Hill.

As of the fourth quarter of 2011, Citi had a total of $12.5 trillion in assets under custody. Credit Suisse’s Asset Management has $451 billion in assets under management.

The move represents a major coup for the American multinational financial services corporation. The company currently has the world’s largest financial services network, covering 140 countries across the world.

They will be hopeful that this move will follow on from a fruitful recent past which has seen them recover well from the 2008 financial crisis. In 2010, the company achieved their first profitable year since 2007, reporting $10.6 billion in net profit, compared to a $1.6 billion loss in 2009.