Financial services firm Aviva has signed a deal to have Citi administer its retail wrap platform for an additional ten years.
Citi already supports Avivas wrap platform through OpenWealth wrap administration solution, which provides virtual investment services to wealth managers including account record-keeping, investment trading transaction management and reporting in tax-efficient structures.
Aviva offers more than 2,000 funds, and also supports structured products, exchange traded funds (ETFs), equities and commercial property investment via its self-invested personal pension (SIPP) scheme, says Andy Beswick, Avivas intermediary director. Were continuously looking to improve our platform, and our agreement with Citi means we have a long-term partner with whom we can grow this part of our business.
Sanjiv Sawhney, head of Citi Securities and Fund Services in EMEA, adds: We are delighted to extend our business with Aviva, and this appointment is testament to the high quality of the wealth management services that we have been delivering. This mandate is a significant step towards our objective to establish OpenWealth as a leading player in the wrap administration market.
Aviva says its assets under management have grown by 53% in 2012 to more than 1 billion.
(CG)