Citigroup Fund Services Canada Announces Partnership with World-Class IT Provider
L&T Infotech also purchases CFSC’s IT outsourcing business
Toronto - November 16, 2010 – Citigroup Fund Services Canada Inc. (CFSC), a leader in providing integrated securities and fund services to Canada’s investment fund industry, announced today that it has reached an agreement with Larsen & Toubro Infotech (L&T Infotech), a global industry leader in information technology systems management, to be its exclusive provider of Transfer Agency technology services in Canada. As part of the agreement, L&T Infotech has agreed to purchase CFSC’s existing IT outsourcing business.
The transaction contemplated by the agreement is expected to close later this year.
"Today’s agreement with a provider of L&T Infotech’s calibre will enable us to focus on our core strengths as we continue to grow our Securities and Fund Services business in Canada," said John Landry, Head of Citi’s Global Transaction Services business in Canada. "Citi and L&T Infotech have a global relationship and L&T Infotech’s focus on technology development will ensure our technology platform remains world-class. CFSC has built its reputation around providing the highest level of service to Canada’s investment fund industry. In providing technology services to us, we look forward to similarly benefiting from L&T Infotech’s reputation for excellence."
"This transaction strengthens L&T Infotech’s footprint in the transaction services segment and brings domain & technology rich talent and an important platform to our portfolio" said Mr. Sudip Banerjee, CEO of L&T Infotech. "Our strategic plan to expand our presence in Canada and leverage the stable Canadian business environment is also met by this transaction. Our already strong relationship with Citi grows to greater strategic heights."
Through its Securities and Fund Services business, Citi’s industry-focused experts provide investors worldwide with tailored solutions delivered through proven global platforms that feature modular, open architecture. With over $12.4 trillion of assets under custody and the industry’s largest proprietary network, clients can leverage Citi"s local market expertise and global reach to extract value across the entire investment value chain.
Citigroup Fund Services Canada is part of Citi’s Global Transaction Services business. 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, Citi’s Global Transaction Services supports over 65,000 clients. As of the third quarter of 2010, it held on average $340 billion in liability balances.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
About L&T Infotech
L&T Infotech, one of the fastest growing IT Services companies, is ranked by NASSCOM as 8th largest Indian software & services exporter from India and is amongst NASSCOM’s Top 20 IT-BPO Employers in India (FY2009-10). It is also ranked 7th in DATAQUEST-IDC top 20 IT Best Employers Survey 2010. A wholly-owned subsidiary of Larsen & Toubro, a US$ 9.8 billion engineering, manufacturing & financial services organization with global operations, L&T Infotech is differentiated by its unique Business-to-IT Connect, which is a result of its rich corporate heritage. L&T Infotech offers comprehensive, end-to-end software solutions and services in the following industry verticals: Banking & Financial Services; Insurance; Energy & Petrochemicals; Manufacturing (Consumer Packaged Goods/Retail, High-tech, Industrial Products, Automotive), and Product Engineering Services (Telecom). The Company’s new emerging verticals include Media & Entertainment and Life sciences & Healthcare. L&T Infotech also delivers business solutions to its clients in the following horizontals/Service Lines: SAP, Oracle, Infrastructure Management Services, Testing, Consulting and Business Process Services. Its other service offerings are: Business Analytics, Legacy Modernization, Applications Outsourcing, Architecture Consulting, Enterprise Integration, Service Oriented Architecture, Systems Integration and PLM. (www.Lntinfotech.com)