Sanlam Private Wealth picks Citi for custody services
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Sanlam Private Wealth picks Citi for custody services 26 October 2022South Africa Reporter: Jenna Lomax
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South Africa-based wealth manager Sanlam Private Wealth has selected Citi Securities Services for execution, cash and custody services for non-domestic client securities.
The initiative is part of Sanlam Private Wealth’s effort to introduce a new investment platform and to outsource its trading and middle-office functions to Citi.
Citi has had a presence in South Africa since the 1950s and is backed by an extensive global network across more than 100 markets.
Masha Maharaj of Citi’s South Africa Securities Services, says: “We are honoured to have been selected by Sanlam Private Wealth as they undergo a transformation of their business model. Our clients continually look to us to improve operational efficiencies and our strategy is to become an extension of our client’s organisation to ensure they are maximising cost efficiencies to grow their business.”
Imraan Bacus, chief operating officer at Sanlam Private Wealth, comments: “We chose Citi as our partner at this pivotal moment of our business transformation because of their extensive experience as well as the scope and flexibility of their service offering.”
“The globality of Citi’s vast network in addition to their well-established presence in emerging markets including South Africa will allow us to seamlessly deliver the benefits of their capabilities to our clients.”
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