Citi to deliver full BPO services from one unified platform for the PIA's institutional accounts in addition to retail managed accounts
Citi has expanded its relationship with Pacific Income Advisers (PIA), a California-based investment advisory firm, with a new five year mandate. According to it, Citi will deliver full BPO services from one unified platform for the investment advisory firm’s institutional accounts in addition to retail managed accounts with a total of $3.5 billion in assets.
These additional responsibilities are expected to complement the retail separately managed account services Citi has been providing through its OpenSMA platform since 2005.
In addition to its investment administration services for institutional, high net worth and separately managed accounts, Citi’s investor services include mutual fund and alternative investment solutions, local and global custody services and securities finance.
Tim Tarpening, executive vice president, Pacific Income Advisers, said: “During our long relationship, Citi has supported our growth by allowing us to concentrate on what we do best – develop our business, manage our investment portfolios and deliver superior service to our clients. Using Citi’s OpenSMA we can manage all our asset classes from one single platform. In addition to significant savings resulting from the elimination of disparate in-house systems, Citi’s order management system dramatically expands our ability to scale our fixed income account volumes using bond characteristic based modeling. It makes our capacity virtually unlimited.”
Neeraj Sahai, global head of securities and fund services at Citi, said: “We are very pleased that Pacific Income Advisers has selected us for this latest mandate providing our unified platform for their multiple lines of business. This new agreement supports the acceptance of our operating model to deliver a single platform that can support an investment manager’s front to back-office processing needs across business lines.”