Hong Kong/Manila – Citi has been appointed by Sun Life Investment Management and Trust Corporation (SLIMTC) as its middle office service provider in the Philippines. This mandate makes Citi the first bank in the country to onboard a middle office client, which is an industry first. Leveraging Citi's well-established presence and deep expertise in the ASEAN region, this landmark transaction helps move the Philippine market closer to global industry standards in post-trade related activities.
"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 Mike Enriquez, President of SLIMTC.
"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 Tiffin Tanseco, Philippines Securities Services Head at Citi. "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 including global custody, local custody, and fund accounting services in the Philippines for more than 30 years. Launched in 2003, Citi's middle office service supports over 750 funds in the Asia Pacific region. Citi has invested heavily in its Asia middle office outsourcing solution and employs more than 500 dedicated operations staff based in Australia, Malaysia, India, and Singapore.
With over $30 trillion1 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.
1 As of Q2 2021. AUC/A figure separately represents gross assets for which Citi provides Global Custody and sub-custodian services via its Direct Custody and Clearing business and includes Issuer Services. Citi previously reported AUC/A numbers on a net basis, therefore discounting assets serviced by both businesses.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Sun Life Philippines
Sun Life Philippines is a diversified financial services institution now offering varied business lines including Life Insurance managed and distributed by Sun Life of Canada (Philippines), Inc. (SLOCPI); Mutual Funds managed and distributed by Sun Life Asset Management Company, Inc. (SLAMCI); Education and Retirement Plans administered by Sun Life Financial Plans, Inc. (SLFPI), and customized investment solutions for institutional clients managed by Sun Life Investment Management and Trust Corporation (SLIMTC). Sun Life Philippines is backed by close to 2,000 employees, over 20,000 financial advisors, 84 new business offices, and 80 client service centers nationwide. The company has over five million clients, to date.