Source: Citigroup Corporate and Investment Banking
Global Transaction Services, a business unit of Citigroup Corporate and Investment Banking today announced it has been appointed to be the preferred service provider for fund administration, custody and related services, with leading pensions and investments provider, Winterthur Life UK Ltd, part of Winterthur Group, which is part of Credit Suisse Group.
This strategic agreement will see Winterthur Life UK Ltd transition its fund accounting and administration functions onto Citigroup's Edinburgh funds platform. It is anticipated that the transition to the new platform will take place in the third quarter of 2006.
David Phillips, Global Transaction Services, EMEA Head of Financial Institutions, said: "We greatly value our longstanding relationship with Winterthur Life UK Ltd and are very excited about taking this strategic partnership to the next level. There is exceptional synergy in our organisations' focus on operational efficiency and top-class client delivery, and we look forward to transferring their operation onto our recognised world-class funds administration platform in Edinburgh.
"This transaction underlines Citigroup's strength in the funds administration business. It also reinforces our commitment to Edinburgh as our base for UK market expansion and to being a full-service provider in the funds and insurance market."
Mike Kellard, Chief Executive Officer at Winterthur Life UK Ltd said; "This partnership gives us access to some of the most sophisticated systems and processes available. They will be vital to our continuing success in an increasingly complex industry. It will allow us to develop and deliver new products to new markets and help reinforce our reputation as a truly global insurance house. Winterthur Life UK Ltd has a reputation for operational efficiency and we are committed to sustaining this excellence in the long term. During our discussions with Citigroup, it became clear there was an opportunity to secure a deal that was of benefit to all our stakeholders.
"We are very excited about developing our partnership with Citigroup, who we have worked closely with in a number of areas over the years. They have demonstrated a sound understanding of our business needs and a clear vision for the future. Their ambition in this market, and their commitment to Edinburgh as the base for this expansion in the UK, makes them the perfect candidate to support our own business model".