RBC Global Services says that CI Mutual Funds Inc. has selected the bank as exclusive outsourcing provider for its recently acquired Skylon Capital Corp. and Synergy Mutual Funds operations, with total assets under administration valued at $2.2 billion.
RBC says this latest mandate mean the relationship with CI is now the largest for custody and investment administration services in the
Canadian market. In total, RBC Global Services will provide custody and fund
accounting services to over $37.3 billion of assets under administration for CI.
“Our recent acquisitions offered us a unique opportunity to review the offerings of the leading outsourcing providers,” says Stephen A. MacPhail, executive vice-president, chief financial officer and chief operating officer at CI. “Based on their commitment to client service excellence and innovative client solutions, we view RBC Global Services as the premier provider of custody and investment administration outsourcing services in Canada. RBC Global Services has a proven track record of successfully implementing outsourcing solutions that support our strategic objectives and benefit both our clients and shareholders.”
“We are delighted with the opportunity to further build on our strong relationship with CI Mutual Funds Inc,” adds Jose Placido, executive vice- president, RBC Global Services. “Anticipating our clients’ needs and enhancing their competitiveness are strategic priorities for RBC Global Services. Our outsourcing business is designed to support our clients’ growth and their evolving business requirements.”
RBC Global Services is Canada’s largest custodian and tenth largest in the world, with client assets under administration of $1.4 trillion.