Lothian Pension Fund appoints Citigroup as global custodian for its overseas assets
3 November 2005 — The £2 billion Lothian Pension Fund has appointed a new global custodian for its overseas assets. The appointment was made at the end of the existing custodian’s five-year contact.
Global Transaction Services, a division of Citigroup Corporate and Investment Banking, has been appointed to provide custody and stock lending services for all assets excluding UK equities (for which custodial services are provided by an in-house team).
A Lothian Pension Fund spokeswoman said: “Citigroup is a significant provider of global custody and stock lending services with an extensive proprietary sub-custodian network. We were particularly impressed by Citigroup’s cost effective and secure solutions to our custody and related services needs, as well its proactive approach to ensuring a consistently high quality of service.”
Mark Kelley, Managing Director, Head of Fund Services EMEA, Global Transaction Services, Citigroup added, "We are delighted to have been selected by Lothian Pension Fund who has acknowledged the considerable risk minimisation realised through Citigroup's unique use of proprietary sub-custodians in 43 markets. We look forward to working with Lothian Pension Fund and delivering on our service commitments."
Lothian Pension Fund
The Lothian Pension Fund is part of the Local Government Pension Scheme (LGPS) and is a funded statutory scheme with defined benefits. The City of Edinburgh Council is the administering authority. As at 31 March 2005, the Fund had a total of 62,000 members, made up of 31,000 current members, 20,000 pensioners and 11,000 with deferred benefits. The Fund provides pension benefits to more than 120 employers in the Edinburgh area.
Citigroup (NYSE: C), the leading global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing 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, and wealth management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex.
Additional information may be found at www.citigroup.com
Citigroup Corporate and Investment Banking
Our Corporate and Investment Banking group achieves the extraordinary for our clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients – our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy. Core business lines under Citigroup Corporate and Investment Banking include Global Capital Markets, Global Banking and Global Transaction Services.