According to Citi, the range of services it will be providing include global custody, fund accounting, fund administration and transfer agency.
Old Mutual Asset Management Trust Company (OMAM Trust Company) will serve as Trustee/Managing Member or administrator to the funds, a capability the firm provides for its sponsored products as well as on a third-party basis to asset managers looking to offer commingled products.
Old Mutual Asset Management Trust Company president Vincent Manning said following a rigorous review, Old Mutual selected Citi because of its robust global footprint and ability to leverage the best practices of its fund servicing arm in support of our commingled funds.
"At the same time, we were impressed by the consistency of Citi’s processing and reporting capabilities and the value-added services it can deliver to our clients," Manning said.
Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world.
With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the first quarter of 2011, it held on average $355bn in liability balances and $13 trillion in assets under custody.
