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Citi expands mandate with Sagicor Jamaica for fund admin and custody services

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Citi has expanded its mandate from Sagicor Jamaica to provide a suite of fund administration, global custody and treasury services for Sagicor Investment Jamaica Limited (SIJL).

 
The mandate includes Sagicor Sigma Funds (unit trust) and Sagicor Investments (securities dealer), as well as Sagicor Bank Jamaica Limited’s (SBJL) proprietary assets.
 
Citi currently provides daily securities valuation, reconciliation, fund accounting, reporting and custody services for Sagicor Life Jamaica and Sagicor Life Cayman Islands.
 
“We are very pleased to extend our relationship with Citi for these additional assets,” says Ivan Carter, chief financial officer, Sagicor Jamaica. “Citi’s local presence, proprietary global sub-custody network and proven expertise as a fund administrator were all important factors in our decision to expand our relationship further.”
 
“This new mandate from Sagicor is further evidence that managers in emerging markets, like the Caribbean, are increasingly recognising the value of outsourcing investment services and treasury functions,” says Neeraj Sahai, global head, securities and fund services, Citi.

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