Citi has been awarded a new mandate to provide hedge fund administration services to NWI Management LP. The mandate covers private investment funds totaling over $3.1 billion in assets as of May 1, 2013.

Wipro Ltd. (BSE:507685), Larsen & Toubro Infotech Limited, HCL Technologies Ltd. (BSE:532281), Tech Mahindra Limited (BSE:532755) are reportedly bidding for Polaris Financial Technology Limited's (BSE:532254) services unit FT Sourcing. According to sources, bidders are expected to value the IT services unit at five-seven times the operating profit estimated at $45 million. Axis Capital Limited is reportedly running a process exploring a sale with Citigroup, Inc. (NYSE:C) planning an exit. According to The Times of India, Axis Capital declined to comment, while a Polaris spokesperson called it baseless speculation misrepresenting the company’s restructuring plans.

Citigroup, Inc. announced the commencement of offers to purchase for cash up to USD 400,000,000 aggregate principal amount of its notes of the series. The offer to purchase each series of Notes. The Notes had an aggregate principal amount outstanding of approximately USD 2.04 billion as of May 15, 2013. These Offers are consistent with Citigroup's liability management strategy, and reflect its ongoing efforts to enhance the efficiency of its funding and capital structure. Since the beginning of 2012, Citigroup has retired approximately USD 22.7 billion of senior debt, subordinated debt, preferred and trust preferred securities, reducing Citigroup's overall funding costs and efficiently deploying its ample liquidity. Payment for Notes validly tendered prior to the Expiration Date and accepted for purchase will be made on the settlement date, which is anticipated to be June 18, 2013.