Citadel Solutions will support Lehman Brothers

As it became known Wednesday, Lehman Brothers Holdings Inc. selected Citadel Solutions in order to provide administration services, including the creation of an asset servicing platform.

Citadel Solutions is to leverage its proprietary technology and team of experts to support Lehman Brothers in managing middle and back-office processing for its derivative, corporate bank loan, commodity and principal investment portfolios.

Citadel Solutions platform launch is to be commenced in September 2009 and to be fully operational in 2010.

Additionally, Citadel Solutions intends to provide with technology and middle-office support during the wind-down of the Lehman Estate over an anticipated three to four year period

Citadel Solutions’ retention on an interim basis was approved today by the bankruptcy court and is subject to the negotiation and execution of definitive documentation.