Hong Kong – Citi is providing Prudential Hong Kong Limited ("Prudential") with fund accounting, transfer agency and reporting services in one of APAC's largest fund administration transitions, covering over 40 portfolios and more than US$70 billion in assets under administration. Prudential, one of the largest insurers in Hong Kong, has been operating in the city for over 55 years and serves over 1.3 million customers in the market.
This new mandate represents a consolidation effort by Prudential of its operational fund administration processes across three existing external suppliers. The streamlining of operational processes by working with expert service providers such as Citi is an increasing trend amongst insurance companies in APAC as they focus on a scalable operational platform to support core activities for the benefit of their clients and shareholders alike.
"We are proud to be selected by Prudential for this mandate and are looking forward to an ever-closer working relationship with this world-leading organization. We have invested significantly in our Securities Services business in the APAC region and the Insurance sector is one of our most important client groups," said David Russell, APAC Head of Securities Services and Hong Kong Markets Head. "Greater focus on process automation, together with consistent and accurate information delivery are critically important for insurers like Prudential and Citi is here to support those goals."
"As we increase our focus on Asia, having a credible partner such as Citi, which has a presence in many of the markets we operate in across the region, is important as we strive to attain better operational consistency, greater efficiency and stronger controls and governance," said Nigel Knowles, Chief Financial Officer at Prudential. "Citi's experience servicing regional insurance clients, together with their investment in automation, robust operating model and service resiliency during the COVID-19 pandemic are key decision factors for selecting Citi."
Aaron Chong, Senior Finance Director at Prudential, said, "This was a complex migration involving several institutions and multi-jurisdictional teams. We are looking forward to benefitting from enhanced operational capability to support our investment strategy, and to further drive innovation by working with Citi."
With over US$28.5 trillion1 of assets under custody and administration and the industry-leading proprietary network spanning over 60 markets, Citi Securities Services provides clients with in-depth local market expertise, advanced processing technologies and a wide range of custody and fund services that can be tailored to meet clients' needs.
1 As of Q1 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. 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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