Citi will provide fund administration services for Phoenix Pension & Provident Funds to support its new personal provident fund offering, a form of retirement savings through defined contribution schemes.
Citi launched fund administration services in Israel in March 2012, and this mandate represents Citi’s first fund administration agreement with a local institutional asset manager.
Sanjiv Sawhney, global head of fund services at Citi Transaction Services, said: “This deal illustrates Citi’s ability to combine global resources and practices with local expertise to offer our clients best-of-breed solutions. I am confident that this will prove to be a valuable fund administration model for our clients in Israel.”
