Challenger awards custody, collateral management services mandate to Citi
12 November 2012
News, Asia, Australia
By Asia Asset Management
Challenger Limited, Australia’s largest annuity provider and a top ten Australian fund manager, has appointed Citi to provide custody and collateral management services. Established in 1985 and listed on the Australian Stock Exchange in 1987, Challenger manages more than A$35 billion (US$36.4 billion) across a range of asset classes through its Life division and a fiduciary funds management division.
“We were looking for a service provider that could meet our current and future operational needs,” explained David Mackaway, general manager of operations, Challenger. “With that support in place, we can devote more time to establishing ourselves in new products and new markets.”
Challenger will be using the Citi OpenInvestor custody solution.
“The requirements around receipt and provision of custody data are getting ever more stringent,” commented Mr. Mackaway. “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.”
“Citi is able to integrate its custody service offering with a range of other products and capabilities to meet the requirements of Challenger,” said David Edwards, head of sales and client engagement, securities and fund services, for Citi Transaction Services in Australia. “We are delighted to have structured the right solution for Challenger both for now and as their business evolves. They are recognised as a leader in the Australian retirement space and we look forward to a long-term consultative partnership with them.”
David Russell, regional head, Asia Pacific, securities and fund services, Citi Transaction Services, added: “As a leading provider of securities and fund services in the region, this mandate reinforces Citi’s commitment to support the needs of our investor clients, both internationally and in Australia – a market of strategic significance for Citi.”
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