Pioneer hires Citigroup for e30bn custody mandate
US/LUXEMBOURG – Global financial services company, Pioneer Investments, has appointed Citigroup Global Securities Services as global custodian to its $30bn (€30.3bn) Luxembourg-domiciled mutual fund business.
The Pioneer mutual fund range comprises 42 funds invested in 412 different share classes and the appointment means Citigroup now handles over $5trn (€5.1trn) in global assets under custody.
Pioneer selected Citigroup following a recent RFP which attracted all the major global custodians.
Pioneer Investments, which is a trading name of the Milan-based Pioneer Global Asset Management Group, itself part of the UniCredito Italiano banking group, has over €111bn in global assets under management.