Citi’s Global Transaction Services business has signed a new agreement with UK-based Standard Life Investments, a global fund manager, which has re-affirmed Citi as its principle fund administration and securities services provider with a new five year arrangement.
Reportedly, through this partnership, Citi will be supporting over £120 billion assets under management (AUM) by providing a full range of fund accounting, custody, middle office and investment reporting services for Standard Life Investments.
Citi has said that Standard Life Investments appointed Citi as their preferred Fund Administration Service Provider and Global Custodian, in 2003.
Andrew Gelb, head of securities and fund services for Europe, the Middle East and Africa, Citi, said: “Clients like Standard Life Investments are extremely important to Citi and we will continue to act as their service partner and grow with them. Citi believes it has built a world class fund accounting service in Edinburgh based on its single global operating platform, dedicated investor services management team, integrated client processes and by supporting its clients growth in the pensions and savings industries.”
William Littleboy, chief operating officer, Standard Life Investments, said: “This new agreement with Citi is the result of considerable re-thinking and re-engineering of our relationship and the current needs of both organisations. We are pleased to re-appoint Citi as our fund services administrator and recognise the progress we have both made over the last few years.”
