Citi has been appointed by Sun Life Investment Management and Trust Corporation (SLIMTC) as its middle-office service provider in the Philippines.
The custodian said the mandate makes Citi the first bank in the country to onboard a middle-office client.
Citi added that it believes the landmark transaction helps move the Philippine market closer to global industry standards in post-trade related activities.
“We are excited to provide SLIMTC with a robust middle-office solution that also supports the development of the local market and we stand ready to help other clients in the Philippines,” said Tiffin Tanseco, Philippines securities services head at Citi.
“Our middle-office solution allows our clients to focus more on their core investment activities safe in the knowledge their trade settlement and operations related activities are being supported by Citi.”
Citi has been providing custody and fund services including global custody, local custody, and fund accounting services in the Philippines for more than 30 years.
Meanwhile, its middle-office service supports over 750 funds in the Asia Pacific (APAC) region, as Citi has invested heavily in its Asia middle-office outsourcing solution and employs more than 500 dedicated operations staff based in Australia, Malaysia, India, and Singapore.
The custodian has made two big hires in the region this year, firstly former relationship management and asset management sales executive from State Street, Mark England, to lead sales for custody and fund services in APAC.
Citi then added former JP Morgan and RBC securities services executive, David Brown, to oversee its custody and fund service client management teams for the region.