Citi Migrates Colombian Clients to New Custody Model

Citibank’s Colombian unit, Cititrust, has announced it has completed the migration of client assets to its new custody model.

The transition, which took a month and a half, included the transfer of more than 5,000 instruments from 90 funds with a total value of just under USD$8.5 million ($26 billion Colombian pesos).

“Implementation of the Custody model will mean a $20 billion peso increase in assets for Cititrust, representing 30% to 40% growth of assets under custody, and the equivalent of 65% of the country’s total collective investment fund market,” says Armanda Mago, president of Cititrust.

“This new client portfolio includes the country’s leading financial groups, which can use this platform and Citi NA to access Pacific Alliance markets.”