Canadian Broadcasting Corporation (CBC) has selected Citi to provide custody and administration services for the television and radio company’s pension fund.
The $5 billion pension plan awarded Citi a 10-year mandate, and the relationship will include custody, accounting, securities lending, foreign exchange, performance and risk analytics, and post-trade compliance reporting.
“We are pleased to have been chosen by the CBC Pension Board of Trustees to administer such an important asset for the plan members and CBC/Radio-Canada.” says Gurmeet Singh Ahluwalia, Securities and Fund Services head for Citi in Canada. “Citi’s proven abilities in services to the asset management industry offer top-notch value, efficiency and transparency to our clients. We look forward to a mutually beneficial working relationship.”
The CBC Pension Plan, which serves over 18,000 members, began its search for a new custodian in the beginning of 2013.
“After an in-depth review of our service requirements and the capabilities of the global custodians, we are pleased to align ourselves with Citi for the benefit of our pension plan members,” says Debra Alves, managing director/CEO of the pension plan. “We are excited about the value-added services they will bring to our plan, including increased transparency and risk management tools.”
Canadian Broadcasting Corporation Picks Citi for Custody
Canadian Broadcasting Corporation (CBC) has selected Citi to provide custody and administration services for the television and radio company's pension fund.