UK - INVESCO has announced that Citibank Worldwide Securities Services (WWSS), will retain the £8billion in UK mutual fund assets of Perpetual on top of an additional £5billion trustee/custodian appointment for INVESCO’s own UK mutual fund assets.
The selection follows an extensive review of the suppliers to the INVESCO and Perpetual unit trusts following the acquisition by INVESCO late last year.
Commenting on the appointment Robert Binney, managing director of Citibank WWSS, said, “We see the mutual funds industry as a major opportunity for Citibank in many areas particularly custody and trustees/depository services and have invested in a new client service model and compliance and custody technology to service the needs of UK and global mutual fund managers.”
Invesco Perpetual will be a major client of Citibank WWSS, and the appointment brings the total of funds under Citibank trusteeship in the UK to £50billion.
The transition will be managed over the next five months by a joint Invesco/Citibank team.