AEGON Asset Management UK Completed the Transfer of Its Key Back Office Functions to Global Transaction Services
London, 13 December 2005 — Global Transaction Services, a business line of Citigroup Corporate and Investment Bank, today closed on AEGON Asset Management UK’s transferal of its key back office functions, following successful due diligence and contract negotiations.
Originally announced on 8 March 2005, AEGON Asset Management UK
entered into exclusive negotiations to transfer its fund accounting
and administration functions to Citigroup Global Transactions Services.
75 AEGON specialist staff have become Citigroup employees, based
in Citigroup's Edinburgh offices, the base for its leading third
party administration (TPA) business in the UK.
This deal has allowed AEGON to continue to benefit from high levels of investment in administration systems and personnel. AEGON manages and administers over £40bn on behalf of retail, insured and institutional clients.
Andrew Fleming, Managing Director, AEGON Asset Management UK, says:
"AEGON has built an enviable reputation for operational efficiency and we are committed to sustaining this excellence in the long term. During our discussions with Citigroup, it became clear there was an opportunity to secure a deal that was of benefit to all our stakeholders.
"We are very excited about our partnership with Citigroup, with whom we have worked closely in a number of areas over the years. They have demonstrated a sound understanding of our business needs and a clear vision for the future. Their ambition in this market, and their commitment to Edinburgh as the base for this expansion in the UK, makes them the ideal candidate to support our own ambitious business model.
"This is an excellent deal for all parties. Our administration team are enjoying a range of new career opportunities. And our clients are continuing to enjoy the highest quality investment administration, employing first-rate people and leading technology."
Francesco Vanni d'Archirafi, Chief Executive Officer, Global Transaction Services EMEA, Citigroup, says:
"We greatly value our longstanding relationship with AEGON
and are very excited to have taken this partnership to the next
level. There is exceptional synergy in our organisations' focus
on operational efficiency and top-class client delivery, and we
have enjoyed welcoming AEGON's
specialist team to our world-class funds administration operation in Edinburgh.
"This transaction further underlines Citigroup's strength in the funds administration business. It has also reinforced our commitment to Edinburgh as our base for UK market expansion and to being a full-service provider in the funds and insurance market."
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
About 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.
About AEGON Asset Management
AEGON Asset Management includes AEGON Asset Management UK plc (No. 113505), and AEGON Investment Management UK ltd (No. 212159). Both are registered in Scotland and have their Registered Offices at AEGON House, Edinburgh Park, Edinburgh, EH12 9SA. AEGON Asset Management UK plc is authorised and regulated by the Financial Services Authority.
AEGON Asset Management was advised by specialist consultancy CSTIM limited.