Aegon Asset Management has awarded Citi Investor Services a middle office mandate covering US$380 billion in assets under management, extending a 20-year custody relationship.
The mandate expands Citi’s existing services to Aegon AM — which include custody, depositary, collateral, fund accounting and administration, and transfer agency — to cover full Investment Book of Record (IBOR) services, trade management and settlement, and performance measurement via Aladdin Accounting.
As an integrated provider on BlackRock’s Aladdin platform, the deal broadens Citi’s Aladdin Provider model, with Investor Services now offering full middle office, enhanced data management, and accounting and performance services.
Both firms operate centres in Budapest, Hungary, where Aegon has transferred employees to Citi Investor Services.
