U.K.: Old Mutual Capital Appoints Citi as Fund Administration Service Provider
London – Citi today announced its Global Transaction Services business has been appointed by Old Mutual Capital, Inc, a global firm based in Denver, Colorado to provide a full suite of fund support services to its new Irish domiciled UCITS fund.
The multi-year contract includes Citi’s provisions for accounting, administration, transfer agency, custody, trustee, compliance, cash management and FX services for Old Mutual Capital’s UCITS fund. Since its acquisition of BISYS investment services division in August 2007, Citi has emerged as a premier global fund servicing organization ranking among the top full-service providers (SourceMedia).
Julian Sluyters, CEO and President of Old Mutual Capital, investment manager to Old Mutual Global Funds plc, said, “We selected Citi for its global operations platform and established regional presence as the servicing arm for the new Irish domiciled UCITS Fund. As we expand our global footprint and widen the scope of services, we look to Citi as a partner in growth and provider of innovative and efficient solutions.”
Andrew Gelb, Managing Director and Regional Head of the EMEA Securities and Funds Services, Citi said, "Old Mutual is an extremely well established and respected firm and we are delighted to be part of this significant partnership. They will gain access to the full suite of Citi’s industry leading solutions across the entire transaction services spectrum. We look forward to their continued growth and expansion through this exciting new collaboration.
Citi’s Global Transaction Services 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 spanning over 140 countries, Citi’s Global Transaction Services supports over 65,000 clients. As of the 3rd quarter of 08, it held on average $273 billion in liability balances and $11.9 trillion in assets under custody.
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