UK – Credit Suisse Asset Management Funds (UK), part of the Credit Suisse Asset Management group (CSAM), has appointed Citibank Global Securities Services as trustee and custodian for an additional £1.2bn (€1.9bn) of its unit trust and ICVC – investment company with variable capital - assets.
The move means Citibank becomes custodian to £2.9bn of Credit Suisse Asset Management Funds (UK)’s assets. The extension of the relationship between the two follows CSAM’s acquisition last year of SLC Asset Management, the UK investment management operations of Sun Life Financial of Canada., which added £11bn to its assets under management.
Says a spokesman for CSAM: “the acquisition naturally meant the size of our fund operations increased so we conducted a review of our suppliers and decided to extend Citibank’s custody mandate with us in the UK. Their presence as a local custodian in over 50 markets where they have an on-the-ground presence made them the ideal candidate,” he explains.
CSAM has some global assets under management worth £213bn. Citibank has over $5trn in assets under custody worldwide.