Citi, Sun Life partner for middle office outsourcing
CITI has been appointed by Sun Life Investment Management and Trust Corp. (SLIMTC) as a middle office service provider in the Philippines. This mandate makes Citi the first bank in the country to integrate a middle office client, which is a first in the sector.
Leveraging Citi’s well-established presence and deep expertise in the Association of Southeast Asian Nations region, this landmark transaction helps bring the Philippine market closer to global industry standards in related businesses. at the aftermarket.
“Building on our strong existing relationship with Citi, we are partnering with a vendor whose market expertise and technical capabilities will allow us to fully meet our clients’ requirements for local and offshore securities,” said Mike Enriquez, president of SLIMTC.
“We are delighted to provide SLIMTC with a robust middle office solution that also supports local market development and we are ready to help other clients in the Philippines,” said Tiffin Tanseco, Head of Securities Services in the Philippines at Citi. “Our middle office solution allows our clients to focus more on their core investing activities knowing that their trade settlement and operations activities are supported by Citi.” Citi has been providing custody and fund services including global custody, local custody and fund accounting in the Philippines for over 30 years. Launched in 2003, Citi’s middle office service supports more than 750 funds in the Asia-Pacific region. Citi has invested heavily in its middle office outsourcing solution in Asia and employs over 500 people dedicated to operations based in Australia, Malaysia, India and Singapore.
With more than $ 30 trillion in assets in custody and administration and the industry-leading proprietary network spanning more than 60 markets, Citi Securities Services provides clients with extensive local market expertise in the field, post-market technologies. innovative trading, personalized data solutions and a wide range of custody and fund services that can be tailored to client needs.