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Citi to provide suite of global custody and fund services to OMAM

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Citi’s Global Transaction Services has been appointed by Old Mutual Asset Management Trust Company (OMAM) to provide a comprehensive suite of investor services for certain of the firm’s commingled (Collective and LLC) funds, which had over USD16 billion in assets across over forty funds as of 31 March, 2011.

“Following a rigorous review, we selected Citi because of its robust global footprint and ability to leverage the best practices of its fund servicing arm in support of our commingled funds,” says Vincent Manning, President, Old Mutual Asset Management Trust Company. “At the same time, we were impressed by the consistency of Citi’s processing and reporting capabilities and the value-added services it can deliver to our clients.”

The range of services Citi will be providing include global custody, fund accounting, fund administration and transfer agency. OMAM Trust Company will serve as Trustee/Managing Member or administrator to the funds, a capability the firm provides for its sponsored products as well as on a third-party basis to asset managers looking to offer commingled products.

“We are extremely pleased that OMAM Trust Company selected Citi. Clearly this is a well suited partnership combining Citi’s servicing expertise and OMAM Trust Company’s depth and knowledge as a respected Trustee to deliver what the investor marketplace is demanding,” says Bob Wallace, North America region head, Securities and Fund Services, Citi. ”Citi’s distinction as a truly global bank enables us to create efficiencies for OMAM Trust Company and, at the same time, support them with local expertise, fast time to market, and a cost effective model for investors.”

Through its Securities and Fund Services business, Citi’s industry-focused experts provide investors worldwide with tailored solutions delivered through proven global platforms that feature modular, open architecture. With USD13 trillion of assets under custody and the industry’s largest proprietary network, clients can leverage Citi’s local market expertise and global reach to extract value across the entire investment value chain.

Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organisations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the first quarter of 2011, it held on average USD355 billion in liability balances and USD13 trillion in assets under custody.

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