Citi extends partnership with Hostplus to provide custodial and fund services

Sydney, Australia: Citi Services today announced it has won a mandate to provide custodial and fund services to superannuation fund Hostplus in a five-year contract extension. 

Citi was the incumbent party in a competitive tender process. The retention of the mandate builds on Citi’s existing 13-year partnership with Hostplus.

Hostplus is one of the largest superannuation funds in Australia, with over 1.9 million members, more than 320,000 employers and over $150 billion in funds under management. 

Over their 13-year partnership, Citi has worked closely with Hostplus as it has scaled and grown in complexity; supporting their increased investment requirements, regulatory obligations and operational efficiency. 

The mandate retention follows a rigorous and competitive tender process. Citi was selected for its unmatched custodial and fund administration services that will support Hostplus in its mission to deliver outstanding investment outcomes to its members.  

Mark England, Co-Head of Services for Citi Australia and New Zealand, said “We are delighted to continue our relationship with Hostplus. We aspire to be the custodian and funds provider of choice for industry superannuation funds, and our success in this competitive tender process is a strong endorsement of our platform.

“As Australia’s A$4.5 trillion superannuation sector continues to grow and faces greater regulatory obligations and investment requirements, Citi is confident that our capabilities and integrated solutions are unmatched in the market. The combination of our platform, people and unparallelled global network positions us as the long-term provider of choice for industry super.”  

David Elia, CEO of Hostplus, said, “We are pleased Citi has been reappointed as Hostplus’ custodian following a competitive RFP process. The outcome reflects Citi’s cultural alignment with the fund, their depth of capability and the quality of solutions they bring to our custodial arrangements. 

“Through the in‑depth process, we confirmed that Citi remains best placed to deliver custodial services that are critical to supporting our long‑term business and investment strategies, and we value their ongoing commitment to the fund and our members.”

Citi Services has an integrated suite of Custody, Funds, Liquidity Management Services, Payments, Trade and Working Capital Solutions. Through its advanced data capabilities, Citi connects and serves clients across the entire trade and investment ecosystem.  

With a leading proprietary network, universal banking capabilities, and holistic offering across Services, Markets and Banking, Citi is well-equipped to power the global ambition of Australia’s superannuation sector.