Citibank Global Securities Services announced today that it has been appointed Trustee and Global Custodian for Credit Suisse Asset Management Funds (UK) Limited for an additional GBP1.2b of global assets held in unit trusts and Investment Companies with Variable Capital (ICVC). Credit Suisse Asset Management Funds (UK) Limited is a major client of Citibank Global Securities Services and the appointment brings the total of funds under custody and trusteeship to GBP 2.9bn.
This follows a review of the suppliers to Credit Suisse Asset Management Funds (UK) Limited following the acquisition of the Investment Management arm of Sun Life Financial of Canada’s UK business last year.
Ian Chimes, Managing Director, Credit Suisse Asset Management Funds (UK) Limited said “We are delighted to be maintaining our relationship with Citibank, and are well-served by Citibank’s ability to act as a global custodian nearly anywhere in the world and as a local custodian in any of the 50 markets where they have an on-the-ground presence.”
Commenting on the appointment, Robert Binney, Managing Director of Citibank Global Securities Services, said, ” We are delighted to be chosen by Credit Suisse Asset Management Funds (UK) Limited which further strengthens the global partnership between our two organisations. We deliver value to our mutual funds clients through our custody and trustee/depository services, as well as our dedicated client service model and global operations and technology platform.”
Citibank recently topped the $5 trillion mark in assets under custody, making it one of the fastest growing major global custodians. In the last five years, Citibank has more than doubled its assets under custody from $1.9 trillion in 1997 to more than $5 trillion today.