Citi’s global custody, fund accounting and fund administration product for Fonds de Compensation de la Scurit Sociale is live and a part of the assets have been successfully migrated onto Citi’s global funds administration and custody platforms in Luxembourg.
Citi was appointed by the Fonds de Compensation du rgime general de pension through a public tender process.
Marc Pecquet, Citi country officer for Luxembourg, says, “We are thrilled to be working with Fonds de Compensation. Citi’s appointment by Fonds de Compensation underscores our commitment to being the local administrator of choice in Luxembourg and our ability to service both public and private sector clients in the country.”
Citi is ranked among the five largest fund services providers in Luxembourg with approximately $150 billion of assets under administration for more than 100 individual distributors who distribute funds in more than 50 countries. Citi services Luxembourg domiciled traditional funds, alternative funds, exchange-traded funds, pension funds and structured funds in the country.
The Fonds de compensation du rgime general de pension is a public institution created by the law of 6 May 2004 for the administration of general pension assets. The Fonds de compensation established an investment company qualifying as a Socit d’investissement capital variable (SICAV) a specialised investment fund in the form of a socit anonyme (public limited company) under the name of “Fonds de Compensation de la Scurit Sociale, SICAV-FIS.