CI Financial Income Fund agreed earlier this week to extend its outsourcing relationship with RBC Dexia Investor Services by five years, through to mid-2011. RBC Dexia provides custody, fund accounting and securities lending services to CI Financial, a Canadian-owned wealth management company with $80 billion in fee-earning assets and another $62 billion in assets under management.
RBC Dexia will also act for Assante Wealth Management as the primary custodian for the private clients of Stonegate Private Counsel and United Financial Corporation. All three entities are operating companies of CI.
“We’ve enjoyed a very positive working relationship with RBC Dexia since 2001 and we are extremely confident in our decision to extend our outsourcing agreement for another five years,” says David Pauli, CI Financial Executive Vice President. “We continue to be impressed – not only by RBC Dexia’s track record and high quality of service – but by the commitment to the wider business we see through the recent joint venture between RBC and Dexia.” The outsourcing relationship with CI Financial is the largest of its kind in the Canadian market, with RBC Dexia providing custody and investment administration services for the $62 billion of mutual fund assets, which include CI assets under management, as well as third-party managed assets.
“We are extremely pleased to be extending our working relationship with an institution as widely respected as CI Financial,” says Jos Placido, Chief Executive Officer of RBC Dexia. “Based on the ongoing success of our outsourcing arrangement, CI Financial has once again demonstrated its confidence in us and we look forward to continuing this successful relationship well into the future.”