Citi Appointed by Sagicor Life Jamaica Limited to Provide Hedge Fund Administration and Global Custody
New York, NY - February 16, 2011 – Citi today announced that it has been awarded a mandate from Sagicor Life Jamaica Limited to provide a comprehensive suite of hedge fund services to the financial services firm. Specifically, Citi will be delivering global custody, hedge fund administration and risk reporting.
"Following a thorough review of service providers, we selected Citi because of its holistic view of our business," said Rohan Miller, Vice President, Investment Manager, Sagicor Life Jamaica Limited. "Now, with Citi’s scalable solution and the portfolio of robust services it includes, we have the powerful platform that will deliver the support we need to continue our global plans."
"This mandate from Sagicor Life Jamaica Limited is further evidence that the marketplace is increasingly recognizing the value of our hedge fund services platform, " said Neeraj Sahai, Global Head, Securities and Fund Services, Citi. "It is another prime example that, at Citi, we can deliver both global scale and leverage capabilities across the enterprise for the benefit of our clients."
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 $12.6 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.
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 fourth quarter of 2010, it held on average $353 billion in liability balances and $12.6 trillion in assets under custody.
About Sagicor Life Jamaica Limited
Sagicor Life Jamaica Limited (Sagicor) is the foremost life insurance company in Jamaica. The company commenced operations in 1970 as Life of Jamaica Limited, the first Jamaican-owned life insurance company and was the first life insurance company to be listed on the Jamaica Stock Exchange (JSE) Since its inception, Sagicor has gained a solid reputation as a pacesetter, innovator and leader in the Caribbean life insurance industry. The company has been the market leader among life insurance companies in Jamaica.
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.