Standard Life Investments has moved trustee provider from J.P. Morgan to Citi UK Fiduciary Services.
According to William Littleboy, Operations Director, Standard Life Investments: It was one of those arrangements where the depository bank was J.P. Morgan, the custodian was Citi. J.P.Morgan approached us because they were uncomfortable with the depository-only role, and we worked a solution out with Citi and with J.P. Morgan as the most effective solution to match the interests [of all parties].
Standard Life Investments still uses J.P.Morgan for a variety of securities services other than trustee services.
We chose Citi for the synergies of depository and custodial activities in alignment rather than introducing other third party, said Littleboy.
In September 2009 Standard Life Investments re-affirmed Citi as its principal 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.