Builders and Contractors Luxembourg, part of Hochtief Group, has selected Citi’s Global Transaction to provide a range of funds administration services and to take on board their Letters of Credit Program.

The mandate includes safekeeping of assets and additional services including compliance monitoring, investment administration and accounting.

According to Citi, 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.

Citi said that Builders will benefit from its fund accounting service in Luxembourg based on a single global operating platform, experienced investor services management team and integrated client processes.

Citi head of Securities and Fund Services for EMEA Andrew Gelb said Citi’s appointment by Builders and Contractors is another strong example of institutional clients endorsement of Citi investor services capabilities in Luxembourg and the ability to structure complex multi product solutions.