The Asian Banker

Challenger appoints Citibank to provide custody and collateral management services
Nov 19, 2012

Sydney/ Hong Kong, November 12th 2012 – Challenger Limited, Australia’s largest annuity provider and a top ten Australian fund manager, has appointed Citi to provide custody and collateral management services. Established in 1985 and listed on the Australian Stock Exchange in 1987, Challenger manages more than A$35 billion across a range of asset classes through its Life division and a fiduciary Funds Management division.

“We were looking for a service provider that could meet our current and future operational needs,” explained David Mackaway, General Manager of Operations, Challenger. “With that support in place, we can devote more time to establishing ourselves in new products and new markets.”

Challenger will be using Citi OpenInvestorSM custody solution. The single platform which provides direct access to local experts through Citi’s proprietary local branch network was one of the deciding factors for Challenger. With operations in 60 markets covering 99% of the world’s equity market capitalisation, Citi’s unrivalled network allows clients to respond faster to market events, enhance risk management and create significant processing efficiencies.

Citi’s open architecture helps clients optimise the use of collateral and streamline the administrative and operational challenges of managing all types of collateral assets across multiple counterparties.

“The requirements around receipt and provision of custody data are getting ever more stringent,” commented Mackaway. “Citi’s proprietary on-the-ground network allows for more efficient processing and offered the shortest timeframes for these, as well as direct access to market experts worldwide.”

“Citi is able to integrate its custody service offering with a range of other products and capabilities to meet the requirements of Challenger,” said David Edwards, Head of Sales and Client Engagement, Securities and Fund Services, for Citi Transaction Services in Australia. “We are delighted to have structured the right solution for Challenger both for now and as their business evolves. They are recognised as a leader in the Australian retirement space and we look forward to a long-term consultative partnership with them.”

David Russell, Regional Head, Asia Pacific, Securities and Fund Services, Citi Transaction Services, added: “As a leading provider of securities and fund services in the region, this mandate reinforces Citi’s commitment to support the needs of our investor clients, both internationally and in Australia - a market of strategic significance for Citi.”

Categories: Markets & Exchanges
Keywords: Challenger, Citibank

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