Citi has been appointed by BEA Union Investment Management Limited as fund custodian and administrator for its first mutual fund restructure, converting five funds into an open-ended fund company (OFC). Citi has been providing custody and fund services, including fund accounting, transfer agency and FX share class hedging, to BEA Union Investment since 2013. Eleanor…
Category: Citi
Citi wins first MO mandate in the Philippines
Citi has been appointed by Sun Life Investment Management and Trust Corporation as its middle office service provider in the Philippines. This mandate makes Citi the first bank in the country to onboard a middle office client. Sun Life Philippines is a financial services institution offering varied business lines including life insurance managed and distributed…
Citi & Vistra to service Food Securities Fund
The Food Securities Fund, which provides working capital loans to sustainable agriculture companies in emerging and developing markets, has appointed Citi as the fund’s central administration agent and depository. Vistra, the Singapore-based administrator, will provide AIFM ManCo services from Luxembourg. The Food Securities Fund has been developed by Clarmondial, a Switzerland-based investment firm.
Citi’s Chris Perkins joins CoinFund
CoinFund, a blockchain-focused investment firm, has hired Chris Perkins from Citi as managing partner and president. At Citi, Perkins was global co-head of the futures, clearing and foreign-exchange prime brokerage businesses. At CoinFund, he will work to narrow the divide between crypto investing and traditional equities. Jake Brukhman, CoinFund’s founder and CEO, said: “Chris Perkins…
BNY Mellon adds two seniors to asset servicing team
Two senior hires for BNY Mellon’s asset servicing operations team: Paul Vigilante has joined as head of accounting and investor solutions operations from J.P. Morgan. Based in New York, he reports to Jeremy Dobrick, head of asset servicing operations and technology. Prior to this role, Vigilante held senior operations roles in securities services and asset…
Citi gets green light for China fund services
Citibank (China) Co., Ltd. has received final approval from the China Securities Regulatory Commission to launch securities investment fund custody services onshore. Citi is the first major global custodian to be authorised to operate a domestic Chinese fund custody business. Separately, Citi has opened an office at the Busan International Finance Center (BIFC) in Korea.…
Citi selected to support MRF northbound fund for Income Partners
Citi has been appointed by Income Partners Asset Management (HK) Limited to act as fund services provider, including transfer agency, for their first northbound fund under the Hong Kong-China Mutual Recognition of Funds (MRF) scheme. The Income Partners Managed Volatility High Yield Bond Fund, an existing SFC-authorised fund, is being made available to eligible mainland…
Peter Salvage joins Enfusion from BNY Mellon
Peter Salvage, a veteran of the alternatives fund administration industry, has joined Enfusion, a U.S.-based, private equity-backed fintech that provides front-to-back investment management software and SaaS solutions. Salvage joins as managing director, global head channel & alliance partners, a role that will see him work to strengthen Enfusion’s global channel partnerships with prime brokers, fund…
Citi supports Dimensional’s USD29bn mutual fund conversion to ETFs
Citi has successfully supported the industry’s largest mutual fund to ETF conversion for Dimensional Fund Advisors. The conversion includes four US tax-managed mutual funds into active transparent ETFs with USD29bn in assets. The ETFs are listed on NYSE. Gerard O’Reilly, co-CEO and CIO of Dimensional Fund Advisors, said: “Citi has been a long-standing service provider…
Prudential consolidates in Hong Kong with Citi
In what is thought to be the largest fund administration mandate in Asia Pacific, the Hong Kong unit of the UK’s Prudential has consolidated >USD70bn across more than 40 portfolios with Citi. Citi will provide Prudential Hong Kong Limited with fund accounting, transfer agency and reporting services. This mandate represents the consolidation by Prudential of…