Citi Expands Mandate with Sagicor Jamaica for Fund Administration and Custody Services
NEW YORK--(BUSINESS WIRE)-- Citi has expanded its mandate from Sagicor Jamaica ("Sagicor") to provide a comprehensive suite of fund administration, global custody and treasury services for Sagicor Investment Jamaica Limited (SIJL): Sagicor Sigma Funds (Unit Trust) and Sagicor Investments (Securities Dealer), as well as Sagicor Bank Jamaica Limited's (SBJL) proprietary assets. With a proud history dating back to 1840, Sagicor views itself as a dynamic group which has been redefining financial services in the Caribbean, building a strong base from which it has expanded into the international financial services market.
Citi currently provides daily securities valuation, reconciliation, fund accounting, reporting and custody services for Sagicor Life Jamaica and Sagicor Life Cayman Islands.
"We are very pleased to extend our relationship with Citi for these additional assets," said Ivan Carter, CFO, Sagicor Jamaica. "Citi's local presence, proprietary global sub-custody network and proven expertise as a fund administrator were all important factors in our decision to expand our relationship further."
With $13.4 trillion in assets under custody and $1.9 trillion assets under administration, Citi is a leading service provider to the global financial services industry. Citi's full suite of investment service solutions delivered through Citi OpenInvestor lets managers focus on their core activities of managing assets and serving their clients.
"This new mandate from Sagicor is further evidence that managers in emerging markets, like the Caribbean, are increasingly recognizing the value of outsourcing investment services and treasury functions," said Neeraj Sahai, Global Head, Securities and Fund Services, Citi.
Peter Moses, Jamaica Citi Country Officer, added "We are pleased to help Sagicor become more efficient and expand their business by leveraging our global scale and operational expertise."
Citi Open Investor provides institutional, alternative and wealth managers with middle-office, fund services, custody, investing and financing solutions that are focused on their specific challenges and customized to their individual needs. For more information, visit openinvestor.transactionservices.citi.com.
Sagicor Life Jamaica is the leading life insurance group in the country. The company commenced operations in 1970 as Life of Jamaica Limited, the first locally owned life insurance company and the first life insurance company to be listed on the Jamaica Stock Exchange (JSE). Since its inception, Sagicor Life has gained a solid reputation as an innovator and leader in the Caribbean life insurance industry. The company continues to be the market leader among life and health insurance, fund management and investments services.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com Twitter: @Citi YouTube: www.youtube.com/citi Blog: http://blog.citigroup.com Facebook: www.facebook.com/citi LinkedIn: www.linkedin.com/company/citi
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