Two months after its initial launch, Sun Life Investment Management and Trust Corporation (SLIMTC) has announced the appointment of Citi as its middle office service provider for its local operations. The landmark partnership (first in the industry) makes Citi the first bank in the Philippines to onboard a middle office client.
“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 SLIMTC President Mike Enriquez.
The transaction will leverage Citi’s well-established presence and deep expertise in the ASEAN region. It is also eyed to help move the Philippine market closer to global industry standards in terms of post-trade-related activities.
“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 Citi’s Philippines Securities Services Head Tiffin Tanseco. “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, which include global and local custody as well as fund accounting services locally for over 30 years. Since its launch in 2003, Citi’s middle office service has been supporting more than 750 funds in the Asia-Pacific region. It has heavily invested in its Asia middle office outsourcing solution and currently keeps a dedicated operations workforce of over 500 across Australia, India, Malaysia, and Singapore.
With other $30 trillion of assets under custody and administration 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.
For its part, SLIMTC was launched by Sun Life Philippines in July to provide multi-strategy local and global portfolio management services and to deliver superior risk-adjusted returns for both individual and institutional investors in the country.