Citi Australia expands partnership with Netwealth
SYDNEY, Sept. 29, 2020 /PRNewswire/ -- Citi Australia has today announced that it will extend its partnership with Netwealth, Australia's fastest growing platform, as their provider of International Custody, Global and Domestic Equities Execution and Fund Administration.
Expanding on the two firms existing partnership, Netwealth will be the first Australian wealth platform to have access to Citi's global platform 'Execution to Custody' (E2C). E2C provides institutions with global execution, settlement and custody services in a single portal, removing operational inefficiencies and risks associated with dealing with multiple providers, while enhancing quality execution and service.
"Netwealth has an outstanding reputation in the local market and we are thrilled to provide them with a high-tech solution that will reduce manual workload, allowing them to concentrate their resources towards clients and technology as opposed to operational flow," said Citi Australia Head of Equities Daniel Young.
The announcement comes as Netwealth recently launched a new series of funds within their Global Specialist Series products with Magellan Financial Group.
"Citi is particularly well placed to facilitate Netwealth's growth plans, whether that is combining our leading Markets and Securities Services products together like we have with E2C, or providing a full suite of Fund Administration services that will support their new Global Specialist Series offering. Our international access is unparalleled in the Australian market," added Mr Young.
"We know our clients want greater access to International markets both directly, via funds and also via our Managed account, and Citi was able to provide unparalleled exposure for our team. Following a seamless onboarding experience, we look forward to leveraging Citi's strengths to help in our aim to be the most comprehensive wealth platform in Australia," said Matt Heine, Joint Managing Director of Netwealth.
Welcoming Netwealth as a client is part of a larger growth story for Citi's Custody and Fund Services business across Asia Pacific, with Citi Australia looking to welcome more than 20 custodian clients over the next 12 months. These clients are transitioning to Citi following a client transfer agreement with Royal Bank of Canada (RBC) in March. As a result of this agreement, Citi also looks to welcome a large number of new employees to support these clients.
Martin Carpenter, Head of Securities Service for Citi Australia said, "We are extremely pleased to deepen our relationship with Netwealth. It's an exciting time for our business as we welcome new clients and team members to Citi and add significant operational scale in the process."
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Citi's Securities Services business holds over $23.6 trillion in assets under custody and administration, with a network spanning 63 markets.
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