Citi has been given a mandate to provide securities lending services for AGF’s retail mutual funds in Canada. The move expands the company’s existing relationship with AGF, which includes fund administration, fund accounting, transfer agency and custody services.
“Our relationship with AGF is a key element of our Global Transaction Services franchise,” said Bob Wallace, Citi’s securities and funds services head for North America. “The addition and implementation of a securities lending component with such a first-class organization is a notable business milestone for us as we continue to grow our securities and fund services business in Canada.”
Global Transaction Services, a division of Citi’s institutional clients group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. The network supports more than 65,000 clients across more than 100 countries. As of the second quarter of 2011, it held, on average, $365 billion in liability balances and $13.5 trillion in assets under custody.