Citi has been appointed by Kames Capital to provide depositary services for its UK fund range representing nearly £7 billion in assets.
The mandate expands the strategic relationship between Citi and Aegon Asset Management, which owns Kames Capital, across a wide range of products including depositary services for Kames Capital’s Ireland and Netherlands fund ranges, as well as fund accounting, middle-office, custody and agency securities lending services.
“The move to a single provider for depositary services is an important milestone for Kames Capital and our clients,” said Ross Bradley, head of investment support for Europe, Aegon Asset Management.
“It allows us to benefit from Citi’s leading platform and achieve greater consistency in our operating model while enhancing the investor experience across all of our EU funds.”
Kames Capital, based in Edinburgh, currently manages £42.5 billion on behalf of UK and international clients, including pension funds, financial institutions, wealth managers, family offices and individuals.
Citi’s relationship with Aegon and Kames Capital dates back to 2005 when the asset manager appointed the bank as its fund administrator and custodian for a newly launched Global Opportunities Fund.
“We value the trust they place in us, not only for depositary services, but also across the wide range of services used within our Prime, Futures and Securities Services franchise,” added David Morrison, global head of trustee and depositary services, Citi.