Wednesday, July 17, 2024

CITI and SUN LIFE Partner for First Middle Office Outsourcing Solution in the PHILIPPINES

CITI and SUN LIFE Partner for First Middle Office Outsourcing Solution in the PHILIPPINES

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Citi has been appointed by Sun Life Investment Management and Trust Corporation (SLIMTC) as its middle office service provider in the Philippines. This mandate makes Citi the first bank in the country to onboard a middle office client, which is an industry first. Leveraging Citi’s well-established presence and deep expertise in the ASEAN region, this landmark transaction helps move the Philippine market closer to global industry standards in posttrade related activities.

“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,” said Mike Enriquez, President of SLIMTC.

“We are excited to provide SLIMTC with a robust middle office solution that also supports the development of the local market and we stand ready to help other clients in the Philippines,” said Tiffin Tanseco, Philippines Securities Services Head at Citi. “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.”

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. Launched in 2003, Citi’s middle office service supports over 750 funds in the Asia Pacific region. Citi has invested heavily in its Asia middle office outsourcing solution and employs more than 500 dedicated operations staff based in Australia, Malaysia, India, and Singapore.

With over $30 trillion of assets under custody and administration as of 2nd quarter of 2021 and the industry-leading proprietary network spanning over 60 markets, Citi Securities Services provides clients with extensive on-the ground local market expertise, innovative post-trade technologies, customized data solutions, and a wide range of custody and fund services that can be tailored to meet clients’ needs.