Citi wins B&C Lux mandate 17 December 2010Luxembourg Reporter: Ben Wilkie
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Citi’s Global Transaction Services business has been appointed by Builders and Contractors Luxembourg (part of Hochtief Group) to provide a range of funds administration services and to take on board their Letters of Credit programme.
Citi will become Builders and Contractors Luxembourg’s main partner. The mandate includes safekeeping of assets and additional services including compliance monitoring, investment administration and accounting. The integrated service will allow Builders and Contractors to focus their efforts on value added asset management, while allowing fund shareholders to benefit from scale, efficiency and risk management. Builders will benefit from Citi’s robust fund accounting service in Luxembourg based on a single global operating platform, experienced Investor services management team and integrated client processes.
Andrew Gelb, head of securities and fund services EMEA, said, "Citi’s appointment by Builders and Contractors is another strong example of our institutional clients' endorsement of our investor services capabilities in Luxembourg and our ability to structure complex multi product solutions. We look forward to our partnership and importantly to supporting Builders’ growth in the fund industry."
John Morrey, CEO at Builders and Contractors Luxembourg said, "We are looking forward to developing a strong working relationship with Citi. As we continue to develop innovative, cutting-edge quantitative products, we look to Citi as a partner in growth and provider of innovative and efficient solutions, which will meet our special needs."
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