Citi Awarded Mandate to Provide Fund Administration Services for Phoenix Personal Provident Funds
Tel Aviv - May 29, 2012 – Citi was awarded a mandate to provide fund administration services for Phoenix Pension & Provident Funds, Limited ("Phoenix"P), to support their new personal provident fund offering, a form of retirement savings through defined contribution schemes.
Phoenix is one of the leaders in the industry of personal provident funds in Israel. Motti Dahan, CEO, Phoenix, said: "We selected Citi to provide administration services because of its robust operational platform, its global network and ability to leverage the best practices of its fund services business in support of our new funds. Citi’s profile matches the needs of our clients and the high standard of service we provide. Phoenix is leading the industry of personal provident funds and I am convinced that the cooperation with Citi will bring great benefits to our clients and maintain the leading edge position of our company."
Citi launched fund administration services in Israel in March 2012 and this mandate represents Citi’s first fund administration agreement with a local institutional asset manager. With a local presence since 2000, Citi currently has over 150 employees in Israel.
"One of Citi’s strengths is our ability to offer a wide range of products and services to support the needs of our clients and provide them with tailored solutions," said Ralph Shaaya, CEO, Citi Israel. "We are pleased to announce this first mandate for fund administration services and look forward to continuing to grow our business."
Sanjiv Sawhney, Global Head of Fund Services, Citi Transaction Services, added: "This deal illustrates Citi’s ability to combine global resources and practices with local expertise to offer our clients best-of-breed solutions. I am confident that this will prove to be a valuable fund administration model for our clients in Israel."
Citi is a leading global service provider to the fund industry with over $1.5 trillion in assets under fund administration. In addition to its award-winning fund administration services, Citi offers fund and partnership accounting, transfer agency and distribution support, alternative investment services and a full suite of asset manager solutions through Citi OpenInvestorSM.
Citi OpenInvestor is the investment services solution for today’s diversified investor, combining specialized expertise, comprehensive capabilities and the power of Citi’s global network to help clients meet performance objectives across asset classes, strategies, and geographies. With an on-the-ground presence in over 95 countries and over $13 trillion in assets under custody, Citi offers award-winning service and unmatched scale. Citi provides complete investment services for institutional, alternative, and wealth managers delivering middle office, fund services, custody, investing and financing solutions focused on clients’ specific challenges, customized to their individual needs.
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: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
About Citi Transaction Services
Citi 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 95 countries, Transaction Services supports over 65,000 clients. As of the first quarter of 2012, it held on average $377 billion in liability balances and $13 trillion in assets under custody.