Builders and Contractors Luxembourg Appoints Citi to Provide Custody, Funds Administration and Insurance Letters of Credit Support
London, Luxembourg - December 14, 2010 – Citi’s Global Transaction Services business today announced that it has been appointed by Builders and Contractors Luxembourg (part of Hochtief Group) to provide a range of funds administration services and to take on board their Letters of Credit Program.
In winning this significant appointment, Citi will become Builders and Contractors Luxembourg’s main partner. The mandate includes safekeeping of assets and additional services including compliance monitoring, investment administration and accounting. The integrated service will allow Builders and Contractors to focus their efforts on value added asset management, while allowing fund shareholders to benefit from scale, efficiency and risk management. Builders will benefit from Citi’s robust fund accounting service in Luxembourg based on a single global operating platform, experienced Investor services management team and integrated client processes.
Andrew Gelb, Head of Securities and Fund Services EMEA, said, "Citi’s appointment by Builders and Contractors is another strong example of our institutional clients’ endorsement of our investor services capabilities in Luxembourg and our ability to structure complex multi product solutions. We look forward to our partnership and importantly to supporting Builders’ growth in the fund industry."
John Morrey, CEO at Builders and Contractors Luxembourg said, "We are looking forward to developing a strong working relationship with Citi. As we continue to develop innovative, cutting-edge quantitative products, we look to Citi as a partner in growth and provider of innovative and efficient solutions, which will meet our special needs."
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.
Global Transaction Services
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 and $12.4 trillion in assets under custody.
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 $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.