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 its operational fund administration processes across three existing external suppliers. Prudential, one of the largest insurers in Hong Kong, has been operating in the local market for over 55 years and serves over 1.3 million customers.
Nigel Knowles, CFO for Prudential Hong Kong, said: “As we increase our focus on Asia, having a credible partner such as Citi, which has a presence in many of the markets we operate in across the region, is important as we strive to attain better operational consistency, greater efficiency and stronger controls and governance. Citi’s experience servicing regional insurance clients, together with their investment in automation, robust operating model and service resiliency during the COVID-19 pandemic, are key decision factors.”