Citi (NYSE: C) has been awarded a mandate from Apex Group Ltd. ("Apex"), one of the world's largest fund administrators, to provide custody services to its global client base. The partnership between Citi and Apex will deliver integrated custody services and streamlined operational processes to Apex's asset management clients.
With over $21.3 trillion of assets under custody and administration1 and the industry-leading proprietary network spanning over 60 proprietary branches as well as agent banks in 106 markets, Citi's custody business combines in-depth local market expertise with an extensive global platform to deliver consistent, scalable and flexible solutions that support clients' most complex custody needs.
"Partnering with Citi to deliver custody services to our global client base will add great value to the Apex offering through the bank's proprietary network and complementary global operational and service models. Citi's institutional capabilities fit well with our ongoing growth trajectory and recently acquired banking and depositary services", said David Rhydderch, Head of Regulated Product, Apex Group Ltd
The Apex Group has offices across 40 locations worldwide and is the world's fifth largest fund administrator with $560bn in assets under administration. The Group delivers a full range of services from fund administration and corporate services, to comprehensive middle office solutions, depositary services, and now custody services via its partnership with Citi.
"We are very pleased to have been selected by the Apex Group and look forward helping them achieve their impressive growth objectives," Sanjiv Sawhney, Global Head of Custody and Fund Services at Citi said. "As we continue to build on the momentum of our custody platform, this mandate highlights our commitment to serve our clients across jurisdictions with an integrated custody model that delivers accuracy, risk mitigation, market intimacy and low latency, whilst driving operational efficiencies."
The Apex Group, established in Bermuda in 2003, is the world's fifth largest fund administrator. The Group has continually improved and evolved its product suite and offers a full service solution to its clients: from fund administration, middle office, custody and depositary to corporate services and fund platforms. Apex now administers $560bn in assets, including the investments of some of the world's largest funds and institutional investors. www.apexfundservices.com
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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1 Q3 2018
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Rosie Guest, Global Marketing Director
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