Orbis Appoints Citi for Custody and Fund Administration Services
Citi continues to develop Fund Administration business in Australia
Sydney - July 7, 2011 – Citigroup has been selected by Orbis, a global investment manager, as Custodian and Fund Administrator for its Australian funds. The service, provided by Citi’s Global Transaction Services, will provide an end-to-end range of custody and administrative solutions, including a comprehensive retail registry service and a highly automated trade management system.
Jenny Josling, Managing Director of Orbis in Australia, said this was an important initiative for the company as it continued to expand its local business. "Citi’s global network and comprehensive back and middle office support, coupled with Orbis’ existing international relationship, made Citi an obvious choice in our selection of service providers."
Already supported by Citi in Bermuda, London and Vancouver, this service automatically links trading for the Orbis funds in Australia with Citi’s custody and accounting platforms.
Martin Carpenter, Head of Securities and Fund Services for Citi in Australia and New Zealand, said Orbis was a very important addition to Citi’s Fund Administration client base in Australia. "The mandate recognises Citi’s ability to provide multi-regional and end-to-end processing services for the Australian funds management industry. We will be integrating with existing services internationally to provide a global service that is highly automated and scalable," he said. "We are excited to be working with Orbis as it continues to grow its local business."
Through its Securities and Fund Services business, Citi established a Fund Administration service in Australia in 2009 building on its long-standing local and global custody business. As at the end of 2010, Citi had Assets under Custody of US$135 billion in Australia and US$12 trillion globally.
About the Orbis Group and Orbis in Australia
The Orbis Group, an international fund manager, has managed global assets for clients since 1989 through the Orbis mutual funds. As an asset manager, Orbis employs a fundamental, value-orientated investment philosophy. Orbis has grown from USD 67 million at the beginning of 1990 to over USD 25 billion today and employs over 300 people through offices in Bermuda, Hong Kong, London, Melbourne, San Francisco, Seoul, Sydney, and Vancouver, Orbis established its Australian presence in 2003 and today has over 25 people and AUD 5 billion under management. Additional information about Orbis in Australia is available at www.orbisfunds.com.au.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. 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.au.
About 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 first quarter of 2011, it held $355 billion in liability balances and $13 trillion in assets under custody.
About Securities and Fund Services
Through its Securities and Fund Services business, Citi’s industry-focused experts provide investors worldwide with tailored solutions delivered though proven global platforms that feature modular, open architecture. With over $13 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.