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Mandate wins: Citi, BNP Paribas, Northern Trust
08 October 2011
Citi secures a securities-lending mandate and BNP Paribas will provide KIID services to Duemme’s SICAV fund, while Northern Trust wins a custody mandate from the Australian Commonwealth Superannuation Corporation
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Citi
BNP Paribas
Northern Trust
Citi has won a securities-lending mandate for AGF’s retail mutual funds in Canada as the company looks to continue expanding its securities and fund services business in the region.
The new contract extends Citi’s existing relationship with AGF, which already includes fund administration, fund accounting, transfer agency and custody.
Citi called the move a “notable business milestone” and added that its relationship with AGF is a crucial part of Citi’s global transaction services business.
BNP Paribas Securities Services
BNP Paribas Securities Services has secured a mandate from Duemme International Luxembourg to produce the Key Investor Information Document (KIID) for its Société d'Investissement à Capital Variable (SICAV) fund.
The contract will come into place in the first quarter of 2012.
As part of the UCITS IV directive that came into place in July, fund managers must create a two-page document when selling funds in the EU.
Production of the KIID has proved to be a far-from-easy feat for many managers, especially because the document must be translated into the local language of each country in which the fund is sold.
In response to these issues, many managers have been looking to fully outsource or partially outsource the KIID production process.
Northern Trust
Northern Trust has been appointed by the Australian Commonwealth Superannuation Corporation (CSC) to provide master custody and related services.
The AU$24 billion fund will be the bank’s first full-service master custody client in the Australian superannuation industry, said managing director of Northern Trust Australia, Paul Cutts.
The transition is expected to start in early 2012.
CSC was recently launched in July following the merger of the Australian Reward Investment Alliance (ARIA) and Militarysuper boards, and the Defence Force Retirement and Death Benefits Authority.