Citi Awarded Mandate to Provide Securities Lending and Custody Services to the State of Washington
New York, NY - December 13, 2011 – Citi today announced that it has been awarded a mandate to provide securities lending services through its OpenLendSM platform and custody for the State of Washington Office of the State Treasurer (OST). The OST manages the investments on behalf of the State and local government entities within the State of Washington.
"We selected Citi for our securities lending and global custody because their approach allows us to personalize a program to best meet our needs. We are particularly satisfied with the trading performance and high-touch services of its securities lending professionals," said Douglas Extine, Deputy Treasurer, State of Washington. "We also appreciate having direct access to Citi’s agency lending desk and are impressed by the quality of the economic updates and global market intelligence it provides to its clients."
OpenLend is an open architecture securities lending solution that leverages Citi’s global presence, robust risk management controls and innovative trading strategies to help clients achieve their performance objectives.
Tim Douglas, Global Head, Securities Finance, Citi Global Transaction Services, said, "We are very pleased that the State of Washington has selected us to provide this suite of securities lending and custody solutions. We look forward to working with the financial executives in the State to deliver these capabilities in a manner targeting both enhanced portfolio performance and improved overall operational efficiency."
Citi provides a full range of enhanced custody services that are adapted to client needs for efficiency, transparency and risk management. Clients have the flexibility to establish custody accounts at the segregated level or in an omnibus structure.
Through its Securities and Fund Services business, Citi’s industry-focused experts provide institutional investors worldwide with tailored solutions delivered through proven global platforms that feature modular, open architecture. With $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.
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.
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