Singapore sovereign wealth fund GIC Pte Ltd has bought a minority stake in US asset servicing firm Citco for an undisclosed sum.
The move is part of a “long-term strategic partnership” struck between GIC and Citco, they announced in a statement on May 14.
They did not disclose the percentage stake acquired by GIC, saying only that the Smeets Family which founded Citco will remain the majority shareholder.
“Citco has organically grown into a global market-leading asset servicing business, delivering value to investors like GIC for over 50 years,” according to Girish Karira, head of the wealth fund’s integrated strategies group who also heads its New York office. “With a combination of client-centric solutions and savvy technological investments, Citco is at the forefront of their industry.”
GIC doesn’t publicly disclose its asset data. The Sovereign Wealth Fund Institute estimates the wealth fund had around US$800 billion of assets as of March 2024.