Skandia Investment Group (SIG) has outsourced the administration for all its funds to Citi.
SIG, which is part of the Long-Term Savings division of Old Mutual Group, currently runs two fund ranges using two administrators. Its Dublin unit, Skandia Global Funds, had already outsourced to Citi, but until now its Skandia Investment Management division utilized another administrator.
The firm says the evolving changes in the European fund management industry and the UCITS regime also brought about the change. SIG says using a single third-party administrator will lower its fund operating costs and more effectively realize its business objectives.
The move to a single administrator is an important milestone in SIGs development as it enables us to benefit from a single operating platform in serving our business that enables consistency in our risk and control governance regime and enhance our Investor experience with products in multiple jurisdictions, says Marc Bulstrode, COO of SIG. Its also good news for the rest of Skandia, and the asset managers within our parent company Old Mutual, as the Citi global operating model and platform will be available to all within the wider group. SIG and Old Mutual are looking forward to working closely with Citi within this strategic business partnership.
SIG has assets under management of $22.9 billion as of June 30.
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