Victory renews fund services contract with Citi
Citi has been awarded a renewal of its fund services contract with Victory Capital Management and to the Victory Funds. Citi will continue to provide administration and accounting services to Victory Capital Management and serve as the global custodian and transfer agent to the Victory Funds.
Victory Capital Management is an established investment management firm, managing $22.7 billion in investment portfolios as of 30 April, 2012. This recent service renewal affirms a long-standing relationship between the firms.
“Over the course of our association, we have developed an extraordinarily strong working relationship with Citi,” says David Brown, Co-Chief Executive Officer of Victory Capital Management. “As our fund business and portfolios have grown, our servicing requirements have expanded and become more complex. Citi has delivered an increasingly broader suite of services – the right solutions at the right time – to support our investment strategy.”
Through Citi OpenInvestor, Citi is a global service provider to the fund industry with over USD1.5 trillion in assets under administration. Citi offers fund accounting, fund administration, transfer agency, regulatory administration and compliance support services, alternative investment services and a full suite of asset manager outsourcing solutions. With Citi’s proprietary local branch network, clients have a single platform to directly access local experts, respond faster to market events and enhance risk management capabilities.
“Victory Capital is an innovative firm, seeking new and better ways to achieve shareholder satisfaction and growth opportunities,” says Bob Wallace, North America Head of Securities and Fund Services. “Our goal is to bring the best of Citi's global network to our clients, supporting innovation in a flexible and cost-effective way. We're pleased that Victory has decided to renew its relationship with us, and we look forward to meeting their needs both now and well into the future."
Citi OpenInvestor is the investment services solution for today’s diversified investor, combining specialised expertise, comprehensive capabilities and the power of Citi’s global network to help clients meet performance objectives across asset classes, strategies, and geographies. With a network that spans more than 95 countries and over USD13 trillion in assets under custody, Citi offers award winning service and unmatched scale. Citi provides complete investment services for institutional, alternative, and wealth managers delivering middle office, fund services, custody, investing and financing solutions focused on clients’ specific challenges, customised to their individual needs.
Citi Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Transaction Services supports over 65,000 clients. As of the first quarter of 2012, it held on average USD377 billion in liability balances and USD13 trillion in assets under custody.
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