CitiStreet, the pension plan joint venture of Citigroup and State Street Bank, has taken a worldwide license for SunGard's OmniPlus and OmniDBEN record-keeping and administration system.
Barry Strasnick, chief information officer of CitiStreet, comments: "We believe there will be significant benefits to our clients from the synergies we will achieve by using OmniPlus on a worldwide basis. OmniDBEN will enhance our capabilities in servicing defined benefit plans of middle market sized companies."
Currently, CitiStreet administers over $200 billion in assets for defined contribution, defined benefit and health and welfare plans of corporate, government, healthcare and not-for-profit organisations.