Citi has partnered with BlackRock and its Aladdin business to improve the administration of securities services for mutual clients.
Aladdin is an end-to-end investment management platform that utilises a combination of risk analytics, portfolio management, trading and operations onto a unified platform.
Citi will provide outsourced middle-office services directly to clients to integrate with their front-office, such as trade confirmation and post-settlement reconciliation.
The bank’s existing relationship with BlackRock includes the provision of custody, accounting and fiduciary services to funds domiciled in Hong Kong, Mexico and Colombia.
Citi also provides custody services to asset managers already on the Aladdin platform. By joining the Aladdin Provider network, Citi will be able to optimise its operating model to support both BlackRock’s asset management business and the wider Aladdin system.
Sanjiv Sawhney, global head of custody and fund services at Citi, commented: “We are thrilled to join BlackRock’s Aladdin network. Our clients continually look to us to improve operational efficiencies, and BlackRock’s innovative platform will facilitate shared workflows and shared data sources that will reduce manual processes and operating costs while improving service outcomes for our mutual clients.”
Sudhir Nair, head of the Aladdin business at BlackRock, added: “We are pleased to team up with Citi, one of the largest securities services firms, to deliver an integrated Aladdin-based operating model to our mutual clients. This integrated environment will allow for greater automation, data symmetry and streamlined communications between Citi and members of the Aladdin community.”
