Citi rises to the Challenger 12 November 2012Sydney Reporter: Jenna Jones
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Citi will provide Australian annuity provider and fund manager Challenger with custody and collateral management services.
Challenger will be using Citi’s OpenInvestor custody solution. The network allows clients to respond faster to market events, enhance risk management and connect directly to local experts.
The single platform also helps clients to optimise the use of collateral and streamline the administrative and operational challenges of managing all types of collateral assets across multiple counterparties.
David Mackaway, general manager of operation, Challenger, said: “We were looking for a service provider that could meet our current and future operational needs.”
“The requirements around receipt and provision of custody data are getting ever more stringent. Citi’s proprietary on-the-ground network allows for more efficient processing and offered the shortest timeframes for these, as well as direct access to market experts worldwide,” added Mackaway.
David Edwards, head of sales and client engagement, securities and fund services for Citi Transaction Services in Australia, said: “Citi is able to integrate its custody service offering with a range of other products and capabilities to meet the requirements of Challenger.”
“We are delighted to have structured the right solution for Challenger both for now and as their business evolves. They are recognised as a leader in the Australian retirement space and we look forward to a long-term consultative partnership with them."
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