Lothian Pension Fund Awards GBP 2 Billion Pension Fund Mandate To Citigroup

The £2 billion Lothian Pension Fund has appointed Citigroup as global custodian for its overseas assets. The appointment was made at the end of the existing custodian's five year contact, and follows a fierce bidding war that the giant American

By None

The £2 billion Lothian Pension Fund has appointed Citigroup as global custodian for its overseas assets. The appointment was made at the end of the existing custodian’s five-year contact, and follows a fierce bidding war that the giant American bank will be relieved to have won, having invested heavily in its Edinburgh processing platform since it won the Standard Life outsourcing contract several years ago.

“Citigroup is a significant provider of global custody and stock lending services with an extensive proprietary sub-custodian network,” says a spokeswoman for Loathian Council. “We were particularly impressed by Citigroup’s cost effective and secure solutions to our custody and related services needs, as well its proactive approach to ensuring a consistently high quality of service.”

Global Transaction Services, a division of Citigroup Corporate and Investment Banking, will provide custody and stock lending services for all assets excluding UK equities (for which custodial services are provided by an in-house team).

Mark Kelley, Managing Director, Head of Fund Services EMEA, Global Transaction Services at Citigroup, says the mandate “acknowledged the considerable risk minimisation realised through Citigroup’s unique use of proprietary sub-custodians in 43 markets.”

«