Opalesque Industry Update - Man Group plc (“Man”) has finalised the terms of an agreement with Citi Global
Transaction Services’ Securities and Fund Services division (“Citi”) to become Man’s
global shareholder services partner. Under the terms of the agreement Citi will perform
global shareholder and transfer agency services for AHL and Man multi-manager private
investor products, which are distributed globally through Man’s network of approved
intermediaries and distribution partners.|
Citi will commence their role at the end of March and a joint project will then follow to enhance services to Man’s funds, simplify administration arrangements and migrate all of Man’s private investor products onto Citi’s platform. Man and Citi will adopt a phased approach to this programme of work to ensure that client service levels are not disrupted. Simon White, Head of Product and Client Operations at Man, comments: “Our decision to award a new brief to Citi will help us achieve our goals of having fully independent fund administration and transfer agency services, thereby creating a scalable global platform for our future business.
“Citi has been chosen based on its proven expertise, unrivalled global presence and demonstrable track record of service delivery for private investor operations. Both Citi and Man are committed to maintaining and improving the excellent client service levels that we have worked so hard to achieve.”
With the industry's largest proprietary network spanning 59 markets and over USD 12.6 trillion in assets under custody, Citi is a global leader in domestic and cross-border securities services for the world's top issuers, intermediaries and investors. Richard Ernesti, Global Head of Investor Client Sales Management at Citi Global Transaction Services said: "It is a privilege to have been selected by Man Group to become their global shareholder services provider. The appointment reflects their confidence in the strength of our alternative fund administration business and we are pleased to be setting out on what promises to be a long-term strategic relationship with Man."
Following Citi’s appointment, intermediaries will continue to be supported by their usual regional offices and contacts at Man.
The original business was founded in 1783. Today, Man Group plc is listed on the London Stock Exchange and is a member of the FTSE 100 Index with a market capitalisation of over GBP 5 billion (as at 24 March 2011). Man is a member of the Dow Jones Sustainability World Index and the FTSE4Good Index. Man also supports many awards, charities and initiatives around the world, including sponsorship of the Man Booker literary prizes. Further information can be found at www.mangroupplc.com.
About Global Transaction Services
Through its Securities and Fund Services business, Citi provides institutions worldwide with an unparalleled portfolio of offerings that enable them to grow, reduce cost and mitigate risk. With $12.6 trillion of assets under custody and the industry's largest proprietary network, clients can leverage Citi's local market expertise and global reach to extract value across the entire investment value chain.