Standard Life Investments and Citi re-affirm their Fund Services Provision
London, Edinburgh - September 21, 2009 – Citi announced today that its Global Transaction Services business has signed a new agreement with leading global fund manager Standard Life Investments. The Edinburgh-based asset manager has re-affirmed Citi as its principle fund administration and securities services provider with a new five year arrangement. Through this major partnership, Citi will be supporting over £120 billion assets under management (AUM) by providing a full range of fund accounting, custody, middle office and investment reporting services.
In 2003, Standard Life Investments appointed Citi as their preferred Fund Administration Service Provider and Global Custodian. This new appointment enhances the previous agreement and reflects the latest principles in service management and overall contractual arrangements for major long term fund service agreements. Furthermore, this agreement will allow both Citi and Standard Life Investments to grow their respective businesses by supporting complex investment strategies and scalable products.
Andrew Gelb, Head of Securities and Fund Services for Europe, the Middle East and Africa, Citi, said, "This new agreement signifies another milestone for Citi’s commitment to the Investor Services business in Europe. Clients like Standard Life Investments are extremely important to Citi and we will continue to act as their service partner and grow with them. Citi believes it has built a world class fund accounting service in Edinburgh based on its single global operating platform, dedicated Investor services management team, integrated client processes and by supporting its clients growth in the pensions and savings industries."
William Littleboy, Chief Operating Officer, Standard Life Investments, said, "This new agreement with Citi is the result of considerable re-thinking and re-engineering of our relationship and the current needs of both organisations. We are pleased to re-appoint Citi as our Fund Services Administrator and recognise the significant progress we have both made over the last few years."
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, 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, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
About Citi Global Transaction Services
Global 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 100 countries, Citi’s Global Transaction Services supports over 65,000 clients. As of the second quarter of 2009, it held on average $288 billion in liability balances and $11.1 trillion in assets under custody.
About Standard Life Investments
With assets under management of £121.6bn Standard Life Investments is one of Europe’s major investment houses (30.06.09). It is a wholly owned subsidiary of Standard Life Investments (Holdings) Limited, which in turn is a wholly owned subsidiary of Standard Life plc. Standard Life Investments operates in the UK, Canada, Ireland, Hong Kong and the USA, and has representative offices in Germany, France, South Korea and Beijing. Standard Life Investments also operates in India through a joint venture, HDFC AMC.