Citi has been selected to provide custody and fund services for Pacific Asset Management (PAM) and its Dublin-registered UCITS funds.
The custodian will also provide depositary, clearing and foreign exchange solutions for the funds.
“Before continuing with our growth plans, it was important that we identify the right strategic partner, one that could provide us with a strong operational backbone for our diversified range of UCITS funds and work with us on creating solutions to adapt to new regulation and client needs,” said Paul McLernon, chief operating officer, PAM.
The deal is the latest for Citi in the UK and Ireland, after it agreed to provide depositary services for Kames Capital and its £7 billion UK fund range in December last year.
Citi also secured a mandate with global fund administrator Apex Group in January to provide custody services to its global asset management client base.
“As we continue to invest in our platform across the full spectrum of custody and fund services, we are delighted to add Pacific Asset Management as a new client and look forward to supporting the expansion of their UCITS funds,” said Matthew Bax, EMEA head of sales for custody and fund services, Citi.
*Disclaimer: The headline of the article was changed – the mandate does not cover $20 billion of assets.