Sun Life Investment Management and Trust (SLIMTC) has appointed Citi as its middle-office service provider in the Philippines.
The mandate makes Citi the first bank in the country to onboard a middle-office client.
SLIMTC hopes this will bring the Philippine market closer to global industry standards in post-trade-related activities.
Citi has been providing custody and fund services including global custody, local custody, and
fund accounting services in the Philippines for more than 30 years.
Citi has invested heavily in its Asia middle-office outsourcing solution since 2003 and employs more than 500 operations staff across Australia, Malaysia, India, and Singapore.
Commenting on the decision Mike Enriquez, president of SLIMTC, says: “Building on our strong existing relationship with Citi, we’re partnering with a provider whose market expertise and technical capabilities will help ensure that we can fully service the requirements of our clients for both local and offshore securities.”
Tiffin Tanseco, head of Philippines securities services at Citi, comments: “Our middle-office solution allows our clients to focus more on their core investment activities safe in the knowledge their trade settlement and operations related activities are being supported by Citi.”
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