Citi Expands Mandate with Sagicor Jamaica for Fund Administration and
NEW YORK -- August 19, 2013
Citi has expanded its mandate from Sagicor Jamaica (“Sagicor”) to provide a
comprehensive suite of fund administration, global custody and treasury
services for Sagicor Investment Jamaica Limited (SIJL): Sagicor Sigma Funds
(Unit Trust) and Sagicor Investments (Securities Dealer), as well as Sagicor
Bank Jamaica Limited’s (SBJL) proprietary assets. With a proud history dating
back to 1840, Sagicor views itself as a dynamic group which has been
redefining financial services in the Caribbean, building a strong base from
which it has expanded into the international financial services market.
Citi currently provides daily securities valuation, reconciliation, fund
accounting, reporting and custody services for Sagicor Life Jamaica and
Sagicor Life Cayman Islands.
“We are very pleased to extend our relationship with Citi for these additional
assets,” said Ivan Carter, CFO, Sagicor Jamaica. “Citi’s local presence,
proprietary global sub-custody network and proven expertise as a fund
administrator were all important factors in our decision to expand our
With $13.4 trillion in assets under custody and $1.9 trillion assets under
administration, Citi is a leading service provider to the global financial
services industry. Citi’s full suite of investment service solutions delivered
through Citi OpenInvestor lets managers focus on their core activities of
managing assets and serving their clients.
“This new mandate from Sagicor is further evidence that managers in emerging
markets, like the Caribbean, are increasingly recognizing the value of
outsourcing investment services and treasury functions,” said Neeraj Sahai,
Global Head, Securities and Fund Services, Citi.
Peter Moses, Jamaica Citi Country Officer, added “We are pleased to help
Sagicor become more efficient and expand their business by leveraging our
global scale and operational expertise.”
Citi Open Investor provides institutional, alternative and wealth managers
with middle-office, fund services, custody, investing and financing solutions
that are focused on their specific challenges and customized to their
individual needs. For more information, visit
Sagicor Life Jamaica is the leading life insurance group in the country. The
company commenced operations in 1970 as Life of Jamaica Limited, the first
locally owned life insurance company and the first life insurance company to
be listed on the Jamaica Stock Exchange (JSE). Since its inception, Sagicor
Life has gained a solid reputation as an innovator and leader in the Caribbean
life insurance industry. The company continues to be the market leader among
life and health insurance, fund management and investments services.
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.
Additional information may be found at www.citigroup.com | Twitter: @Citi |
YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook:
www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
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