Citi has been selected by The Empire Life Insurance Company (Empire Life) to provide transfer agency, fund administration, custody and securities lending services for its investment products.
The mandate represents about $9 billion in assets and is scheduled to begin this fall.
“This relationship with Citi represents a major step in the transformation of our business,” says Drew Wallace, executive vice president of retail for Empire Life. “Citi’s best-in-class technology and service will help us continue to adapt in the face of a changing marketplace as we grow our wealth business.
John Landry, managing director and head of Citi’s Global Transaction Services (GTS) business in Canada, adds: “We are pleased that Empire Life selected us as a trusted adviser in enhancing its investor operations. We pride ourselves on offering boutique service with industrial-strength infrastructure, delivering customized capabilities, operational excellence and cost efficiencies to our clients. This relationship signifies our continued growth in Canada, and we appreciate Empire Life’s recognition of the unique value Citi brings to its clients.”
(CM)