RBC Global Services announced today an expansion of its outsourcing agreement with CI Mutual Funds. Under the expanded arrangement, RBC Global Services will service CI’s entire $29 billion portfolio of investment funds, making this the largest fund accounting outsourcing arrangement in Canadian history.
CI and RBC Global Services first entered into an outsourcing relationship for custody and fund accounting services in April 2001. With this new agreement, RBC Global Services will provide outsourcing for CI’s recently acquired $11 billion portfolio of funds previously managed by Spectrum Investment Management Limited, Clarica Diversico Ltd., Sun Life Financial and Clarica Life and their subsidiaries.RBC Global Services has already assumed outsourcing responsibility for the funds that were managed by Spectrum, with the transition of the Clarica and Sun Life portfolios currently well underway.
“RBC Global Services has made a concerted, sustained effort to become the premier outsourcing provider in the major markets in which we do business. Today’s announcement is an indication that these efforts are being recognized by clients, and that they value the efficiency and effectiveness that our outsourcing solutions can bring to their businesses,” says Jos Placido, senior vice-president, RBC Global Services. “At the core of our approach is a simple, but powerful objective — to deliver tailored solutions that create value for our clients. We are extremely pleased that CI has once again demonstrated their confidence in us, and we look forward to continuing our successful relationship into the future.”
“In the past year, RBC has clearly demonstrated that they can provide us with enhanced reporting capabilities efficiently, helping reduce risks and our operating costs,” adds Stephen A. MacPhail, executive vice-president and chief operating officer at CI. “Equally important, RBC was able to quickly assume responsibility for the Spectrum funds, and is in the process of converting the Sun Life and Clarica funds. This has allowed CI to focus on the rest of the integration and quickly achieve the operating synergies that benefit both the investors in our funds and CI shareholders.”
C.I. Fund Management Inc. is an independent, Canadian-owned investment management company with $33 billion in assets. Its principal subsidiary, CI, has the broadest selection of investment funds, including mutual funds, industry-specific funds, 100% RSP-eligible funds, multi-manager funds, segregated funds and hedge funds.