Citi has secured one of the largest fund administration mandates in Asia-Pacific with Prudential Hong Kong appointing the bank to provide fund accounting, transfer agency and reporting services. The mandate covers over 40 portfolios and more than US$70 billion in assets under administration.
Prudential, one of the largest insurers in Hong Kong, has decided to consolidate its operational fund administration processes, which are currently provided by three external suppliers. It has been operating in the city for over 55 years and serves over 1.3 million customers in the market.
The streamlining of operational processes by working with expert service providers such as Citi is an increasing trend among insurance companies in the region as they focus on a scalable operational platform to support core activities for the benefit of clients and shareholders alike, the bank says in a statement.
Prudential Hong Kong chief financial officer Nigel Knowles says: “As we increase our focus on Asia, having a credible partner such as Citi, which has a presence in many of the markets we operate in across the region, is important as we strive to attain better operational consistency, greater efficiency and stronger controls and governance.
“Citi’s experience servicing regional insurance clients, together with their investment in automation, robust operating model and service resiliency during the Covid-19 pandemic, are key decision factors for selecting Citi.”