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Citi secures custody services mandate from State of Washington

Citi has secured a mandate to provide securities lending services through its OpenLend platform and custody for the State of Washington Office of the State Treasurer (OST).

US-based Citi said that OpenLend is an open architecture securities lending solution that leverages its global presence, risk management controls and trading strategies to help clients achieve their performance objectives.

State of Washington deputy treasurer Douglas Extine said that they selected Citi’s approach allows them to personalize a program to best meet their needs. They are particularly satisfied with the trading performance and high-touch services of its securities lending professionals.

Citi Global Transaction Services global head of Securities Finance Tim Douglas said they look forward to working with the financial executives in the State to deliver these capabilities in a manner targeting both enhanced portfolio performance and improved overall operational efficiency.