Citi has agreed its largest fund administration mandate in Asia Pacific (APAC) with Prudential Hong Kong, one of Hong Kong’s largest insurers.
As part of the deal, Citi will provide fund accounting, transfer agency and reporting services covering more than 40 portfolios and over $70 billion in assets under administration.
The mandate represents a consolidation effort by Prudential of its operational fund administration processes across three existing external suppliers in order to focus on a scalable operational platform to support core activities for the benefit of their clients and shareholders alike.
David Russell, APAC head of securities services and Hong Kong markets head, says:
“Greater focus on process automation, together with consistent and accurate information delivery are critically important for insurers like Prudential and Citi is here to support those goals.”
Commenting on the deal, Nigel Knowles, chief financial officer at Prudential, explains: “As we increase our focus on Asia, having a credible partner such as Citi which has a presence in many
of the markets we operate in across the region, is important as we strive to attain better operational consistency, greater efficiency and stronger controls and governance.”
Last month, Citi was selected by Fubon Fund Management (Hong Kong) to act as a service provider for their inaugural exchange-traded products launched in Hong Kong.
Citi will act as a trustee and will provide Fubon with fund accounting and custody services.
