Lehman Brothers chooses Citadel to provide asset servicing platform

Lehman Brothers Holdings has selected Citadel Solutions to provide administration services, including the creation of an asset servicing platform.

Citadel Solutions said that it will leverage its proprietary technology and team of experts to support Lehman Brothers Holdings (LBHI) in managing middle and back-office processing for its derivative, corporate bank loan,

commodity and principal investment portfolios.

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 LBHI'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 by the bankruptcy court and is subject to the negotiation and execution of definitive

documentation.

Jeff Donaldson, head of LBHI's technology transition effort and managing director for Alvarez & Marsal, a professional services firm overseeing LBHI's restructuring, said: "Following an extensive search, we are confident that Citadel Solutions has the technological capabilities and expertise we need to execute our transition strategy. 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."

John Buckley, president of Citadel Solutions, said: "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. By leveraging our technology, domain capabilities and team culture, we will provide agile and innovative solutions to our partners at LBHI."

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