Citi has received a domestic fund custody licence from the China Securities Regulatory Commission (CSRC). The announcement makes Citi the first U.S. bank, and the first bank among the top five global custodians, to be granted such a licence, which will enable Citi to provide custody-related services to both mutual funds and private funds domiciled…
Category: Citi
Citi adds Finland to direct custody & clearing network
Citi is to offer direct custody & clearing (DCC) services in Finland. This new offering expands Citi’s proprietary DCC network to cover the whole Nordic region, making Citi the only international bank to offer a pan-Nordic service. Citi will become a member of Euroclear Finland, the central securities depository, and will access the system through…
Citi takes USD9bn of John Hancock fund assets from State Street
A major breakthrough for Citi in the ’40 Act space, where John Hancock Investment Management has transferred the custody of USD9bn in fund assets to Citi from State Street. Citi has assumed custody for three Hancock funds: the Fundamental Large Cap Core, the Balanced and the Disciplined Value International, Citi has an existing mutual fund…
BNY Mellon adds senior talent across asset servicing business
BNY Mellon has made some significant hires across its asset servicing business. Mark McKeon joins as global head of front-to-back solutions, based in Dublin. He is charged with expanding asset servicing’s front-to-back solutions platform globally, connecting the front, middle and back office to deliver a seamless platform for clients. His remit will include OMS partnerships,…
Citi hires BNY Mellon’s Jay Lipman as client executive
Jay Lipman has joined Citi as a client executive for custody & fund services. He joins from BNY Mellon, where he was the global lead for many of the firm’s most complex client relationships. Based in New York, he reports to Irimga McKay, global head of client services for custody & fund services.
Citi wins custody mandate for CAVALI’s dual-listed securities in Peru
CAVALI S.A. ICLV S.A., the CSD for the Lima Stock Exchange, has selected Citi to provide custody and tax services for USD6bn of dual-listed securities. The dual listing platform of the Lima Stock Exchange and CAVALI provides investors with access to international securities. The mandate represents the majority of international assets listed locally.
Citi supports launch of two L&I ETPs for CSOP AM in Hong Kong
Citi has supported the launch of two new leveraged and inverse (L&I) exchange-traded products by CSOP Asset Management, and will be providing CSOP with custody, fund administration and trustee services. Launched in Hong Kong, the new L&I products track China A-shares and allow investors to invest into the mainland China CSI 300 Index. Citi reports…
Citi deploys bots to offer RT processing for matching & settlement in HK
Citi has launched a proprietary bot technology solution in Hong Kong to offer its securities services clients real-time processing for matching and settlement, giving them the ability to view their trade status consistently throughout the day and to activate stock borrowing in a timely fashion if needed. Citi’s solution uses bot technology to pull data…
Citi wins USD630bn white-label custody mandate for MUFJ in Lux
In a strategically important mandate for its Luxembourg business, Citi has been appointed as the global custody solutions provider for Mitsubishi UFJ Investor Services & Banking (Luxembourg) (MIBL). The deal will result in the transfer of approximately USD630bn of assets to Citi’s platform. As part of the deal, MIBL will white label Citi’s custody platform…
Citi forges alliance with BlackRock’s Aladdin
Citi has become the latest custodian to forge an alliance with BlackRock, through its Aladdin Provider network, to enhance the delivery of securities services to Citi’s clients who utilize the Aladdin end-to-end investment management platform. Connecting to Aladdin Provider, Citi will provide outsourced middle office services directly through a client’s Aladdin platform for integration with…