Victory Renews Contract with Citi to Provide Full Suite of Fund Services
New York, NY - June 26, 2012 – Citi has been awarded a contract renewal of its fund services to Victory Capital Management and to the Victory Funds. Citi will continue to provide administration and accounting services to Victory Capital Management and serve as the global custodian and transfer agent to the Victory Funds.
Victory Capital Management is an established investment management firm, managing $22.7 billion in investment portfolios as of April 30, 2012. This recent service renewal affirms a long-standing relationship between the firms.
"Over the course of our association, we have developed an extraordinarily strong working relationship with Citi," said David Brown, Co-Chief Executive Officer of Victory Capital Management. "As our fund business and portfolios have grown, our servicing requirements have expanded and become more complex. Citi has delivered an increasingly broader suite of services – the right solutions at the right time – to support our investment strategy."
Through Citi OpenInvestorSM, Citi is a global service provider to the fund industry with over $1.5 trillion in assets under administration. Citi offers fund accounting, fund administration, transfer agency, regulatory administration and compliance support services, alternative investment services and a full suite of asset manager outsourcing solutions. With Citi’s proprietary local branch network, clients have a single platform to directly access local experts, respond faster to market events and enhance risk management capabilities.
"Victory Capital is an innovative firm, seeking new and better ways to achieve shareholder satisfaction and growth opportunities," said Bob Wallace, North America Head of Securities and Fund Services. "Our goal is to bring the best of Citi’s global network to our clients, supporting innovation in a flexible and cost-effective way. We’re pleased that Victory has decided to renew its relationship with us, and we look forward to meeting their needs both now and well into the future."
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 a network that spans more than 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 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.
Victory Capital Management Inc. is an established investment management firm managing $22.7 billion in investment portfolios (as of April 30, 2012) including the Victory Funds, a family of more than 20 mutual funds. Headquartered in Cleveland with operating divisions in New York and Cincinnati, Victory Capital manages assets for institutions and individuals with strategies available through institutional portfolios, separately managed accounts, and mutual funds. To learn more about Victory Capital’s disciplined, market-tested investment processes, visit www.vcm.com.
Citi, the leading global bank, 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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