UK – Standard Life says it has been appointed to provide a £700m (€1.02bn) defined contribution platform on behalf of Citigroup UK.

“Standard Life will provide the investment platform for four defined contribution (DC) pension schemes worth a total of £700m,” it said. “This is the biggest mandate win of its kind in Standard Life's history.”

It added it won the brief “following a comprehensive due diligence review of investment options” by the trustee directors of the Citigroup UK pension plans.

“In awarding this important mandate Citigroup noted Standard Life's commitment to provide the resources to transition the assets and deal with administrative issues in an effective and efficient manner.

“The trustees also recognised the broad range of good quality fund managers already incorporated in this platform as well as Standard Life's willingness to tailor that platform and add new managers as required.”

The platform provides DC schemes with a 'one stop shop', giving trustees and members access to a range of leading fund managers,” Standard Life said. It will be managed by Standard Life Investments.

“Standard Life Investments and our Life & Pensions business have pooled their expertise to deliver this win - an example of our ability to combine the strengths Standard Life has across the group,” said chief executive Sandy Crombie.

In November 2003 Standard Life Investments and Citigroup Global Transaction Services announced a partnership for fund administration, custody and related services.

And in May 2004 it was announced that Citigroup had taken over the management of £60bn of Standard Life Investments' custodial assets.