Old Mutual Asset Management opt for Citi 17 May 2011New York Reporter: Justin Lawson
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Citi has been appointed by Old Mutual Asset Management Trust Company to provide a comprehensive suite of investor services for certain of the firm’s commingled (Collective and LLC) funds, which had over $16 billion in assets across over forty funds as of March 31, 2011.
“Following a rigorous review, we selected Citi because of its robust global footprint and ability to leverage the best practices of its fund servicing arm in support of our commingled funds,” said Vincent Manning, President, Old Mutual Asset Management Trust Company. “At the same time, we were impressed by the consistency of Citi’s processing and reporting capabilities and the value-added services it can deliver to our clients.”
The range of services Citi will be providing include global custody, fund accounting, fund administration and transfer agency. OMAM Trust Company will serve as Trustee/Managing Member or administrator to the funds, a capability the firm provides for its sponsored products as well as on a third-party basis to asset managers looking to offer commingled products.
“We are extremely pleased that OMAM Trust Company selected Citi. Clearly this is a well suited partnership combining Citi’s servicing expertise and OMAM Trust Company’s depth and knowledge as a respected Trustee to deliver what the investor marketplace is demanding,” said Bob Wallace, North America region head, Securities and Fund Services, Citi. ”Citi’s distinction as a truly global bank enables us to create efficiencies for OMAM Trust Company and, at the same time, support them with local expertise, fast time to market, and a cost effective model for investors.”
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