Citi has won a contract to implement securities lending services to Canadian investment manager AGF Management's retail mutual funds, expanding the company's existing long-term relationship with AGF.
The relationship includes fund administration, fund accounting, transfer agency and custody services.
Citi's OpenLend platform provides securities lenders with a customised service to enhance their portfolio performance by delivering an open architecture that provides access to agency, third-party, hybrid and exclusives lending.
“Our relationship with AGF is a key element of our global transaction services franchise,” said Bob Wallace, securities and funds services' head for North America, Citi. “The addition and implementation of a securities lending component with such a first-class organisation is a notable business milestone for us as we continue to grow our Securities and Fund Services business in Canada.”
“We are pleased to add the securities lending component to our relationship with Citi,” said Robert Bogart, chief financial officer of AGF. “Citi's reputation for providing clients with top-level service and effective controls procedures with full transparency assists us in delivering on our value proposition to AGF security holders.”