Citi’s Securities and Fund Services has been deployed as back office provider to the Australian funds of global funds manager, Dimensional.
Citi already provides custodial services to US clients of Dimensional who invest in non-US funds.
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Citi will now also provide custodial, fund accounting, unit registry and securities lending services to the Dimensional Australia funds.
Already, Citi provides middle office services to Dimensional since 2006.
Citi’s head of securities and fund services for Australia, Martin Carpenter, said, "In this complex and competitive environment, it’s important that the Australian asset management sector partner with an organisation that has a premium product suite and global reach."
Dimensional said its clients would benefit from the change through enhanced fund accounting services, increased automation in unit registry systems, more efficient communication and lower overall costs.
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By GlobalDataGlenn Crane, Dimensional Australia chairman and chief executive officer, said Citi got the contract following an "extensive global due diligence process".
"The market for back office services is a demanding one and client needs are changing. We need efficiency, responsiveness, technological sophistication, reliability and cost-effectiveness. And that means better services to our clients."
