Victory Capital Management, the $22.7 billion investment management subsidiary of Cleveland-based KeyCorp, has outsourced its middle office to Citi.
The mandate sees Citi providing trade processing, portfolio accounting and reconciliation, performance measurement, investor billing, voluntary corporate actions and investor statements for its institutional portfolios.
Citi has had an agreement with Victory to provide fund accounting, administration and transfer agency services to the Victory Funds since 1986, as well as global custody since 2009. The additional modules have been implemented.
David Brown, co-chief executive officer of Victory Capital Management. “After a thorough evaluation of service providers, we felt that Citi offered the best combination of investment operations expertise and industry-leading technology that will leave us more resources to focus on delivering superior investment performance and service to our clients.”
(JDC)