Citi wins custody mandate

Citi wins custody mandate

Challenger, the Australian annuity provider and fund manager, has appointed Citi to provide custody and collateral management services.

Challenger, managing more than A$35bn ($36.5bn) across a range of asset classes, will be using Citi OpenInvestorSM custody solution. According to Citi the single platform, which provides direct access to local experts through Citi’s proprietary local branch network was one of the deciding factors for Challenger.

“We were looking for a service provider that could meet our current and future operational needs. Citi’s proprietary on-the-ground network allows for more efficient processing and offered the shortest timeframes for these, as well as direct access to market experts worldwide,” said general manager of operations at Challenger, David Mackaway. 

“We are delighted to have structured the right solution for Challenger both for now and as their business evolves," said head of sales and client engagement, securities and fund services, for Citi Transaction Services in Australia, David Edwards. 

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