Citis Global Transaction Services business has been awarded a new mandate from Wegelin & Co. The Swiss Private bank which provides asset management for private and institutional clients, has appointed Citi to provide a range of funds administration services and to take on board their Guernsey fund business that has been converted into Wegelin Luxembourg vehicle.
In winning this significant appointment, Citi will provide funds administration to Wegelin & Co. globally. The mandate includes the safekeeping of assets and additional services including performance measurement, compliance monitoring, investment administration and accounting. Furthermore, Wegelin & Co. will have full access to Citis whole suite of Securities Services capabilities.
This new agreement signifies another milestone for Citis commitment to the Investor Services business in Luxembourg, says Andrew Gelb, head of securities and fund services, Europe, the Middle East and Africa, Citi. Clients like Wegelin & Co. are extremely important to Citi and we will continue to act as their service partner and grow with them.
We have built a world class fund accounting service in Luxembourg based on our single global operating platform, dedicated Investor Services management team, integrated client processes and by supporting our clients growth in the funds industry.
We are looking forward to developing a strong working relationship with Citi, says Reto Sonderegger, Asset Management, Wegelin & Co.. As we continue to develop innovative, cutting-edge quantitative products for cross-border distribution, we look to Citi as a partner in growth and provider of innovative and efficient solutions, which will meet our special needs. For Wegelin & Co. and Citi this is a great opportunity to widen fund and global custody relationship to much deeper cooperation.
D.C.