Swiss group SIX picks Citi for US custody
SIX Securities Services has picked Citi to provide custody and clearing services along with mutual fund processing and tax services in the US.
The new mandate builds on a custody relationship between Citi and the Swiss-based post-trade group which already covers fourteen markets outside the US.
Under the latest deal, Citi will safekeep $230bn of assets for SIX, which operates as the central securities depository for assets in Switzerland and acts as an international securities depository (ICSD) in over 65 markets worldwide.
Thomas Zeeb, CEO at Six Securities Services, praised Citi's "high levels of operational efficiency and transparency.”
“This strengthened relationship will help us provide a strong and reliable environment for our customers and receive the high standard of service that they have become accustomed to through SIX," he said.
The win comes six months after Citi appointed Jay Martin to run the bank’s North American custody and fund services franchise.
Found this useful?
Take a complimentary trial of the FOW Marketing Intelligence Platform – the comprehensive source of news and analysis across the buy- and sell- side.
Gain access to:
- A single source of in-depth news, insight and analysis across Asset Management, Securities Finance, Custody, Fund Services and Derivatives
- Our interactive database, optimized to enable you to summarise data and build graphs outlining market activity
- Exclusive whitepapers, supplements and industry analysis curated and published by Futures & Options World
- Breaking news, daily and weekly alerts on the markets most relevant to you
