Standard Life Investments Appoints Citigroup As Preferred Service Provider
November 3, 2003 - Leading investment house Standard Life Investments and Citigroup Global Transaction Services today announced a partnership for fund administration, custody and related services. Standard Life Investments’ global operational capabilities will be strengthened by the appointment of Citigroup as its preferred service provider. This decision follows the announcement on 27 June 2003 that Standard Life Investments was entering into a period of detailed evaluation with Citigroup.
As part of the agreement 80 of Standard Life Investments’ Investment Administration* team will transfer to the new service provider, effective from 1 November 2003. Citigroup will provide this service from a base in central Edinburgh.
Sandy Crombie, Chief Executive, Standard Life Investments, said:
“This agreement gives us access to some of the most sophisticated systems and processes available. They will be vital to our continuing success in an increasingly complex industry. It will allow us to develop and deliver new products to new markets and help reinforce our reputation as a truly global fund management house.
“It is also a great opportunity for those of our people who are transferring to Citigroup. They will be provided with exciting career opportunities in an expanding business. It is a business which aims to be a ‘centre of excellence’ for fund management administration in the UK.”
Sandy Jaffee, Executive Vice President, Citigroup said:
“We are excited about this venture with the Standard Life Investments’ Investment Administration team and warmly welcome the migration of staff to Citigroup. We look forward with them to the next stage of this partnership, building on our shared values and a commitment to delivering service excellence through a world-class funds administration unit in Edinburgh. Our relationship with Standard Life Investments further demonstrates our strategic focus on meeting the fund administration needs of global fund managers worldwide through service quality and efficiencies, and our ability to help clients introduce new products across multiple markets.”
*Standard Life Investments’ Investment Administration section carries out a wide range of functions including the confirmation and settlement of all securities, foreign currency and cash transactions on behalf of the company.
About Citigroup
Citigroup (NYSE: C), the preeminent global financial services company
with some 200 million customer accounts in more than 100 countries,
provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, insurance, securities
brokerage, and asset management. Major brand names under Citigroup's
trademark red umbrella include Citibank, CitiFinancial, Primerica,
Smith Barney, Banamex, and Travelers Life and Annuity. Additional
information may be found at: www.citigroup.com.
About Citigroup Global Transaction Services
Citigroup® Global Transaction Services is a leading provider of
integrated cash management, trade and securities services for corporations,
financial institutions, intermediaries and governments around the
world. With over $ 92 billion in average liability balances, more
than $ 5 trillion in assets under custody and the largest proprietary
branch network, Citigroup's award-winning operating systems and
Internet-based delivery channels enable clients to manage and monitor
working capital and investments more efficiently, streamline transaction
processing cycles, and re-engineer receivables and payment processes.
Citigroup® Global Transaction Services provides clients with access
to Citigroup's full range of capabilities and solutions along with
an on-the-ground presence and in-depth knowledge of more than 90
local markets. For additional information, see www.transactionservices.citigroup.com.
Citigroup Global Transaction Services is part of Citigroup's global
corporate and investment bank, which provides complete financial
solutions to corporations, governments and institutional investors
in more than 100 countries. Award-winning businesses include corporate
and investment banking, sales and trading, transaction services,
commercial finance and insurance products. Additional information
can be found at: www.citigroupgcib.com.
