Citigroup Takes Over Management of $107 Billion of Standard Life Investments Custodial Assets
May 7, 2004 One of the biggest custody conversions
seen outside of the US has been completed with Citigroup taking
over the management of £60 billion ($107 billion) of Standard
Life Investments’ custodial assets.
The Citigroup team undertook the transition of Standard Life Investments’
custody assets over the (UK) Bank Holiday weekend (1st - 3rd May).
Approximately 16,000 lines of stock were transferred from the outgoing
custodian to Citigroup in one day across 40 markets achieving a
Straight Through Processing (STP) rate of 99.16%.
William Littleboy, Director of Operations, Standard Life Investments
said:
“This represents another significant step in the partnership
between Standard Life Investments and Citigroup Global Transaction
Services that was announced last November. The agreement provides
us with state of the art systems and processes thus enhancing our
ability to provide new and innovative products on a truly global
scale. Our ambitious joint project is proceeding right on plan.
We are grateful for the help of our outgoing custodian JP Morgan,
without whose professionalism, expertise and cooperation we could
not have achieved this major milestone.”
Tom Abraham, Managing Director, Citigroup Global Transaction Services,
said:
“This is the largest ‘big bang’ single transfer
that we have ever undertaken and one of the largest by any global
custodian outside of the US. It illustrates the strength of our
relationship with Standard Life Investments and demonstrates both
the growth of Citigroup’s UK fund administration capability
and our ability to meet the needs of global fund managers.”
For further information please contact:
Kevin Monks Citigroup Global Transaction Services, +44 207 500 5196
Richard England, Press Manager, Standard Life Investments, +44 131
245 2750
Brian Simmons, Press Manager, Standard Life Investments, +44 131
245 5935
1. Standard Life Investments
and Citigroup Global Transaction Services announced a partnership
for fund administration, custody and related services on 3 November
2003.
2. In the last six months, almost 80 of Standard Life Investments’
Investment Administration team transferred to Citigroup. The business
is being managed by this team which is now based in brand new Citigroup
headquarters in central Edinburgh.
3. Citigroup Global Transaction Services is a leading provider
of cash management, trade, securities and fund services, to financial
institutions and corporate clients around the world. With a global
network spanning 90 countries, it is uniquely qualified to service
clients with local and cross-border interests and provide integrated
reporting and management. It’s Assets under Custody (USD)
were $6.4 trillion (as of December 2003).
4. With assets under management of £86.5 billion (15.11.03),
Standard Life Investments is one of the UK’s major investment
houses and controls around 2% of the UK stock market.
5. Standard Life Investments is a wholly owned subsidiary of The
Standard Life Assurance Company.
6. Standard Life Investments operates in the UK, Canada, Ireland,
Hong Kong and the USA. Standard Life Investments also operates in
India through a joint venture with HDFC AMC.
7. Citigroup (NYSE: C), the pre-eminent global financial services
company has some 200 million customer accounts and does business
in more than 100 countries, providing consumers, corporations, government
and institutions with a broad range of financial products and services,
including consumer banking and credit, corporate and investment
banking, insurance, securities, brokerage, and asset management.
Major brand names under Citigroup’s trademark red umbrella
include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex,
and Travelers Life and Annuity. Additional information may be found
at www.citigroup.com
