Citi has secured a mandate to provide custody services to the worldwide client base of Apex Group, which is claimed to be the world's fifth largest fund administrator.
Image: Citibank branch on Michigan Avenue in Chicago. Photo: Courtesy of TonyTheTiger/Wikipedia.org.
Citi will provide integrated custody services and streamline the operational processes to Apex’s asset management clients.
Apex Group has 40 office locations across the world and has $560bn in assets under administration. The company offers full range of services such as fund administration and corporate services, comprehensive middle office solutions, depositary services and now custody services via its partnership with Citi.
Citi claims to have more than $21.3 trillion in assets under its custody and administration through 60 of its branches and agent banks across 106 markets.
The company combines its in-depth local market expertise with global platform to offer consistent, scalable and flexible solutions that supports the most complex custody needs of clients.
Apex Group regulated product head David Rhydderch said: “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.”
Citi custody and fund services global head Sanjiv Sawhney said: “We are very pleased to have been selected by the Apex Group and look forward helping them achieve their impressive growth objectives.
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.”
Apex Group recently completed the acquisition of Custom House and has added $24bn to the group’s total assets under administration.
Clients of Custom House will now have access to additional 18 jurisdictions along with Apex’s local service delivery model. The transaction has added 200 managers and 500 funds to Apex client base.