Agreement Enables Canadian Mutual Fund Companies to Concentrate on Core
Competencies to Benefit Investors
TORONTO, March 22 /CNW/ - Citi today announced that its Global
Transaction Services business has been selected by AIC Limited and Copernican
Capital Corp. to provide fund accounting services for their investment funds.
In addition to fund accounting, Citi, AIC Limited and Copernican Capital Corp
have reached tentative agreement on the provision of a comprehensive suite of
securities services, including custody and securities lending.
As part of this agreement, approximately 40 AIC Limited professionals
will become employees of Citigroup Fund Services Canada, Inc., a division of
Citi's Global Transaction Services business, and Citi will lease space in AIC
Limited's office complex in Burlington to supplement its current facilities to
accommodate growth for fund services in Canada.
"This agreement with Citi is a prime opportunity for us to partner with a
global financial services firm with a highly respected reputation and long
history of service excellence in the Canadian marketplace," says Jonathan
Wellum, Chief Executive Officer of AIC Limited, and Chairman of Copernican
Capital Corp. "For over ten years, we've licensed Citi's proprietary Unitrax
(R) system for transfer agency services. During that time, we've come to
recognize and appreciate not only Citi's technological capabilities but, more
importantly, their client-centric focus. By outsourcing the fund accounting
function to Citi, we can now concentrate on what we do best: delivering tax
efficient, above-average returns over the long run to investors who choose our
Funds. At the same time, this agreement provides our fund accounting staff
with a remarkable career opportunity to join a global leader in fund
AIC commenced operations in 1985 and has grown to become one of Canada's
largest privately-held mutual fund companies with assets under management
exceeding $8 billion.
"We are very pleased that AIC Limited and Copernican Capital Corp. -
premier names in fund management in Canada - have selected Citi to provide
this suite of services," says Robert Smuk, Head of Global Transaction Services
Canada. "Our appointment is further confirmation that the Canadian funds
industry is increasingly recognizing our comprehensive capabilities in fund
accounting, custody and securities lending - value-added services that enable
our clients both in Canada and around the world to focus on their core
competencies and deliver superior service to their customers."
Citi, the leading global financial services company, has some 200 million
customer accounts and does business in more than 100 countries, providing
consumers, corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and credit,
corporate and investment banking, securities brokerage, and wealth management.
Major brand names under the trademark red arc include: Citibank,
CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional
information may be found at www.citigroup.com or www.citi.com.
For further information:
For further information: Citi Media Relations: Brian W. Steel Work:
(212) 816 2949 Mobile: (917) 545-0683 Brian.email@example.com