Citi has announced that its Global Transaction Services business has signed a new agreement with Standard Life Investments. The Edinburgh-based asset manager has re-affirmed Citi as its principle fund administration and securities services provider with a new five-year arrangement.
Standard Life Investments appointed Citi as their preferred Fund Administration Service Provider and Global Custodian in 2003, during the rise in outsourcing popularity. This new appointment enhances the previous agreement and reflects the latest principles in service management and overall contractual arrangements for major long-term fund service agreements. Furthermore, this agreement will allow both Citi and Standard Life Investments to grow their respective businesses by supporting complex investment strategies and scalable products.
This new agreement signifies another milestone for Citis commitment to the Investor Services business in Europe, said Andrew Gelb, Head of Securities and Fund Services for Europe, the Middle East and Africa, Citi. Clients like Standard Life Investments are extremely important to Citi and we will continue to act as their service partner and grow with them. Citi believes it has built a world class fund accounting service in Edinburgh based on its single global operating platform, dedicated Investor services management team, integrated client processes and by supporting its clients growth in the pensions and savings industries.
William Littleboy, Chief Operating Officer, Standard Life Investments, said: This new agreement with Citi is the result of considerable re-thinking and re-engineering of our relationship and the current needs of both organisations. We are pleased to re-appoint Citi as our Fund Services Administrator and recognise the significant progress we have both made over the last few years.