Citi’s Global Transaction Services business has been selected by AIC Limited and Copernican Capital Corp. to provide fund accounting services for their investment funds. In addition to fund accounting, Citi, AIC Limited and Copernican Capital Corp have reached tentative agreement on the provision of securities services, including custody and securities lending.
As part of this agreement, approximately 40 AIC Limited professionals will become employees of Citigroup Fund Services Canada, a division of Citi’s Global Transaction Services business, and Citi will lease space in AIC Limited’s office complex in Burlington to supplement its current facilities.
“This agreement with Citi is a prime opportunity for us to partner with a global financial services firm with a highly respected reputation and long history of service excellence in the Canadian marketplace,” says Jonathan Wellum, Chief Executive Officer of AIC Limited, and Chairman of Copernican Capital Corp.
“For over ten years, we’ve licensed Citi’s proprietary Unitrax (r) system for transfer agency services. During that time, we’ve come to recognize and appreciate not only Citi’s technological capabilities but, more importantly, their client-centric focus.”
“We are very pleased that AIC Limited and Copernican Capital Corp….have selected Citi to provide this suite of services,” says Robert Smuk, Head of Global Transaction Services Canada. “Our appointment is further confirmation that the Canadian funds industry is increasingly recognizing our comprehensive capabilities in fund accounting, custody and securities lending – value-added services.”