Citi to rise to the Challenger
12 November 2012 Sydney
Image: Shutterstock
Citi will provide Australian annuity provider and fund manager Challenger with collateral management and custody services.
Challenger will be using Citi鈥檚 OpenInvestor custody solution. The network helps clients to optimise the use of collateral and streamline the administrative and operational challenges of managing all types of collateral assets across multiple counterparties.
The single platform also allows clients to respond faster to market events, enhance risk management and connect directly to local experts.
David Mackaway, general manager of operations at Challenger, said: 鈥淲e were looking for a service provider that could meet our current and future operational needs.鈥�
鈥淭he requirements around receipt and provision of custody data are getting ever more stringent. Citi鈥檚 proprietary on-the-ground network allows for more efficient processing and offered the shortest timeframes for these, as well as direct access to market experts worldwide,鈥� added Mackaway.
David Edwards, head of sales and client engagement, securities and fund services for Citi Transaction Services in Australia, said: 鈥淐iti is able to integrate its custody service offering with a range of other products and capabilities to meet the requirements of Challenger.鈥�
鈥淲e are delighted to have structured the right solution for Challenger both for now and as their business evolves. They are recognised as a leader in the Australian retirement space and we look forward to a long-term consultative partnership with them.鈥�
Challenger will be using Citi鈥檚 OpenInvestor custody solution. The network helps clients to optimise the use of collateral and streamline the administrative and operational challenges of managing all types of collateral assets across multiple counterparties.
The single platform also allows clients to respond faster to market events, enhance risk management and connect directly to local experts.
David Mackaway, general manager of operations at Challenger, said: 鈥淲e were looking for a service provider that could meet our current and future operational needs.鈥�
鈥淭he requirements around receipt and provision of custody data are getting ever more stringent. Citi鈥檚 proprietary on-the-ground network allows for more efficient processing and offered the shortest timeframes for these, as well as direct access to market experts worldwide,鈥� added Mackaway.
David Edwards, head of sales and client engagement, securities and fund services for Citi Transaction Services in Australia, said: 鈥淐iti is able to integrate its custody service offering with a range of other products and capabilities to meet the requirements of Challenger.鈥�
鈥淲e are delighted to have structured the right solution for Challenger both for now and as their business evolves. They are recognised as a leader in the Australian retirement space and we look forward to a long-term consultative partnership with them.鈥�
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