Citigroup Corporate and Investment Banking will provide Transfer Agency, Fund Administration and related services to AGF Management Limited and other fund managers in the Canadian market.
“Through the new 10-year relationship, AGF will strengthen its global operational capabilities in support of its development as a leading global fund manager, and Citigroup will gain an immediate leadership position in the Securities Services industry in Canada while building on its existing global expertise in Transfer Agency and Fund Accounting services,” stated a press release from the Citigroup. In addition to the partnership with AGF, Citigroup will have relationships with other fund managers in Canada through the transfer of shares in Unisen (a wholly-owned subsidiary of AGF) to Citigroup.
“We are excited about combining the expertise of the Unisen team with our industry leading operations and technology capabilities, to create a world class Securities Servicing platform in Canada,” said Frank Bisignano, Chief Executive Officer, Citigroup(R) Global Transaction Services, a unit of Citigroup Corporate and Investment Banking. “The long-term agreement with AGF further demonstrates our commitment to serving the needs of the investment management industry on a global basis.”
“We looked at numerous partners, and determined that Citigroup was the right choice for AGF,” said Blake Goldring, President and Chief Executive Officer, AGF. “By partnering with such a large global provider like Citigroup, we can drive further economies of scale and give our clients access to the best in professional client services and administrative processing.”
Approximately 950 Unisen employees will transfer to Citigroup and remain based in Mississauga, Ontario. The deal will close before the end of the year.
“This agreement gives us the opportunity to leverage Unisen’s capabilities and existing client base to provide a full range of innovative Securities Services solutions to the Canadian marketplace,” said Neeraj Sahai, Global Head of Securities Services for Citigroup Global Transaction Services.