Citi Appointed Fund Administration Service Provider for Aberdeen Asset Management Inc.
Aberdeen awards Citi Multi-year Contract to Support Expansion into US Fund Market
New York - June 3, 2008 Citi today announced its Global Transaction Services business has been appointed by Aberdeen Asset Management Inc. to provide a full suite of fund support services to its 26 US-based mutual fund portfolios.
The multi-year contract includes Citi's provisions for accounting, administration, transfer agency, compliance, chief compliance officer and website services for Aberdeen's speciality equity, equity, fixed income and sector funds. Aberdeen is one of the UK's largest independent fund managers with over $204 billion in assets under management. Citi, with its acquisition of the BISYS investment services division in August 2007, has emerged as a premier global fund servicing organization ranking among the top full-service providers (SourceMedia).
Aberdeen is enlisting Citi's global operations platform and established regional presence as the mutual fund servicing arm for their US market penetration. According to Fred Naddaff, North American Head of Citi's Fund Services business, "It is an honor to be chosen by this prestigious European fund firm. As Aberdeen successfully implements its investment strategies in the US, Citi is pleased to provide its turnkey solutions and a comprehensive suite of compliance and administrative support."
Gary Bartlett, Chief Executive Officer of Aberdeen Asset Management Inc. said, "We performed a thorough due diligence in consideration of numerous partners, and Citi was the right choice. They responded to our preference for a single provider with the combination of US regional expertise, a global operations platform, and proven capabilities across the spectrum of investment products. Our firm has experienced rapid expansion over the past 20 years in the European markets, and with the support of Citi we intend to mirror that growth here in the US."
Neeraj Sahai, Global Head of Citi's Securities and Fund Services added, "In addition to our fund servicing expertise, Aberdeen gains access to the full suite of Citi's industry leading solutions across the entire transaction services spectrum. We have integrated our resources and capabilities to provide our clients with a very innovative, world-class financial servicing partner. I look forward to Aberdeen's growth and success leveraging the Citi partnership to its fullest extent."
Aberdeen Asset Management Inc. ("AAMI") is a wholly owned subsidiary of UK-listed Aberdeen Asset Management PLC, an independent asset management company. Aberdeen Asset Management PLC is headquartered in Aberdeen, Scotland. Aberdeen has experienced rapid expansion since 1983 and is today one the UK's largest independent fund managers. Aberdeen Asset Management PLC manages USD $204 billion (GBP 102.9 billion), at 31 December 2007, chiefly in equities, fixed income and property on behalf of clients around the world. For more information, visit www.aberdeen-asset.com.
Citi, 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. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com. Additional information about Citi's securities and fund services may be found at www.transactionservices.citigroup.com or visit our enterprise website of financial solutions at www.citi.com.