Citi and UBS Financial Services have signed a municipal distribution agreement, which will provide Citi’s municipal clients with access to the UBS Wealth Management Americas network of more than 7,000 financial advisors.
The agreement, which will come into effect on 16 January 2014, will strengthen Citi’s national distribution capabilities as a provider of municipal securities products to its private clients.
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Additionally, the deal will allow UBS to access Citi’s new issue product for its high-net-worth clients.
Ward Marsh, head of the municipal securities division at Citi, said: "Citi and UBS have been working together over the past year under a secondary market distribution agreement. The addition of a primary market distribution agreement will enhance our relationship, while providing our municipal clients with added depth of distribution."
Tom Troy, head of capital markets and sales for UBS Wealth Management Americas, said: "Combining UBS’s first class distribution capabilities with Citi’s origination capabilities reinforce our open architecture strategy, which provides UBS Financial Advisors and their clients’ access to a premium offering.
"The evolution of this strategic partnership between UBS and Citi further differentiates our municipal bond offering and enhances our capabilities as a leading provider of municipal securities products to our private clients," Troy added.
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