Skandia Investment Group has announced Citi will be its sole third party administrator in a bid to cut fund administration costs.
The move will bring together the asset manager's Dublin-based and other range of funds onto a common platform. In addition, the company points to UCITS IV requirements as being a driver of the shift to a single third party administrator.
Skandia's COO Marc Bulstrode said, “The move to a single administrator is an important milestone in [Skandia’s] development as it enables us to benefit from a single operating platform in serving our business that enables consistency in our risk and control governance regime and enhance our Investor experience with products in multiple jurisdictions."
