Phoenix Pension & Provident Funds in Israel has chosen Citi as fund administrator to support the firms new personal provident fund offering, a form of retirement savings through defined contribution schemes.
Citi launched fund administration services in Israel in March 2012 and this mandate represents Citis first fund administration agreement with a local institutional asset manager.
Sanjiv Sawhney, global head of Fund Services, Citi Transaction Services added: “This deal illustrates Citis ability to combine global resources and practices with local expertise to offer our clients best-of-breed solutions. I am confident that this will prove to be a valuable fund administration model for our clients in Israel.”
Separately, BNP Paribas Securities Services (BNP Paribas) has been mandated to provide sub-custody and settlement services to ConvergEx in Poland.
The development extends a relationship that began in 2009 when ConvergEx appointed TEB Securities Services, BNP Paribas Securities Services joint venture in Turkey, as its local custodian in the Turkish market.
(JDC)