Skandia Investment Group Appoints Citi Sole Administrator to Provide Full Range of Investor Services
London - November 14, 2011 – Citigroup today announced that it has been appointed by Skandia Investment Group (SIG) to provide a complete suite of investor services for SIG’s two fund ranges.
Citi currently provides trustee, custody including cash management, transfer agency services, fund administration as well as foreign exchange solutions for Dublin- based Skandia Global Funds and will now manage their fund factsheets and Key Investor Information Document (KIID) disclosure. The mandate also encompasses custody and transfer agency services, fund administration, fund factsheets and foreign exchange solutions for SIG’s UK-based fund, Skandia Investment Management Ltd.
Skandia’s decision to consolidate their fund ranges under a common platform was driven by efficiency, regulatory requirements and the desire to find a long-term partner that will support their growth plans.
Marc Bulstrode, Chief Operating Officer at Skandia Investment Group said: "the move to a single administrator is an important milestone in SIG’s development as it enables us to benefit from a single operating platform in serving our business that enables consistency in our risk and control governance regime and enhance our Investor experience with product in multiple jurisdictions."
"It’s also good news for the rest of Skandia, and the asset managers within our parent company Old Mutual, as the Citi global operating model and platform will be available to all within the wider Group. SIG and Old Mutual are looking forward to working closely with Citi within this strategic business partnership."
Andrew Gelb, EMEA Head of Securities and Fund Services at Citi said: "It’s a great privilege to have been selected by Skandia Investment Group to become their core service provider. This further appointment is a strong endorsement of investor services capabilities and highlights Citi’s ability to serve the needs of leading investment managers on a multi-jurisdictional basis. We look forward to strengthening our long-term and successful relationship with Skandia and Old Mutual to help them achieve their growth objectives."
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 $12.5 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 third quarter of 2011, it held on average $365 billion in liability balances and $12.5 trillion in assets under custody.
About Skandia Investment Group
Skandia Investment Group (SIG) is an investment management business within the Long term savings Division of Old Mutual Group Plc. It is a leading international investment manager committed to meeting and exceeding its clients’ expectations.
Old Mutual is one of the world’s largest asset management and insurance companies with £303bn of funds under management (as at 30 June 2010).
SIG distributes a range of multi and single manager funds across Skandia and Old Mutual’s business units as well as externally to wealth managers, private banks, pension schemes and family offices in over 20 countries across five continents. It is supported by around 120 staff who manage proprietary assets of around $23 bn.*
SIG’s distinctive approach to investment management and its competitive edge is driven by the belief that no single asset management company can consistently be the best in all asset classes. It therefore combines the in-house investment expertise of highly experienced portfolio managers with the stock picking skills of the world’s best asset management talent in order to meet or exceed its client expectations.
SIG’s competitive edge comes from contact with over 300 fund management groups worldwide – including some 6,000 hours of manager meetings per year. This contact with the world’s leading fund groups generates superior investment intelligence which is analyzed by SIG’s investment team and efficiently executed in order to meet or exceed client expectations. SIG reinvested some $2.4bn of assets during 2010.
SIG has awarded over 60 mandates to external managers – and invested in a similar number of funds – following a rigorous research process using quantitative and qualitative analysis. Once managers are chosen to run SIG’s mandates &ndash the largest being some circa $1bn – or investment made in external funds, their performance is closely monitored against stated objectives. External managers are therefore held to account for their investment decisions.
*As at 30th June 2011
For more information please visit http://www.skandiainvestmentgroup.com/
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 | Twitter: @CitiGTS | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi