Citibank appointed Trustee and Custodian by INVESCO for UK Retail Mutual Fund Assets.Business Editors NEW YORK--(BUSINESS WIRE)--July 20, 2001 INVESCO has announced that Citibank Worldwide Securities Services will retain the (pound)8billion ($11.2 billion) of UK mutual fund assets Fund assets The total value of a portfolio's securities, cash, and other holdings, minus any outstanding debts. of Perpetual and will be appointed Trustee and Custodian of an additional (pound)5billion ($7 billion) of INVESCO UK mutual fund assets. This follows an extensive review of the suppliers to the INVESCO and Perpetual Unit Trusts following the acquisition of Perpetual by INVESCO late last year. Anthony Myers, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of INVESCO Global said "We are delighted to be maintaining our relationship with Citibank, one of the leaders in Trustee and Global Custody Services." Commenting on the appointment Robert Binney, Managing Director of Citibank Worldwide Securities Services in London said, "We are pleased that our long-term relationship with Perpetual and the focus we have made on the mutual funds industry in the UK has been recognised by INVESCO. The mutual funds industry presents a major opportunity for Citibank in many areas, particularly custody and trustee/depository services, and we have invested in a new client service model and compliance and custody technology to service the needs of UK, U.S. and other global mutual fund managers." Invesco Perpetual Invesco Perpetual is an investment company based in Henley-on-Thames, Oxfordshire, England. It was originally founded as by Sir Martyn Arbib and before it merged with Invesco it was known first as Perpetual Mutual then as Perpetual plc. will be a major client of Citibank Worldwide Securities Services, and the appointment brings the total of funds under Citibank trusteeship in the UK to (pound)50billion ($70 billion). Overall, Citibank Worldwide Securities Services administers approximately $215 billion of mutual fund assets. The transition will be managed over the next five months by a joint Invesco/Citibank Team. Citibank Worldwide Securities Services (WWSS WWSS Worldwide Satellite Systems (US DoD contract vehicle) WWSS Warfare and Warfare Support System ) serves global issuers, investors and intermediaries through the industry's largest proprietary network, spanning 52 countries. It currently provides securities services to more than 2,500 customers worldwide and has over $4 trillion in assets under custody. WWSS is the industry's premier custodian of cross-border assets, top ranked global clearer and recognized leader in depositary receipt depositary receipt A negotiable certificate that represents a company's publicly traded debt or equity. Depositary receipts are created when a company's shares or bonds are delivered to a depositary's custodian bank, which instructs the depositary to issue services, and agency and trust services. The local presence of WWSS, supported globally by Regional Service Centers, ensures clients of consistent transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. worldwide, proprietary control of clearing cycles and reduced risk in all cross-border securities transactions. Citigroup (NYSE NYSE See: New York Stock Exchange :C), the preeminent global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company, provides some 120 million consumers, corporations, governments and institutions in more than 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. Major brand names under Citigroup's trademark umbrella are Citibank, CitiFinancial, Primerica, Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , and Travelers. Additional information may be found at: www.citigroup.com. |
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