NYSE symbol: C
TORONTO, Jan. 14, 2013 /CNW/ - Citi has been awarded a mandate to
provide fund accounting, global custody, transfer agency and trustee
services for Portland Investment Counsel Inc.'s investment funds.
"Having worked with Citi in the past, we feel the company has a proven
reputation in the marketplace as a leading provider in this space. We
look forward to the benefits this relationship will bring to our
clients and our business," said Frank Laferriere, Senior Vice
President, Chief Operating Officer of Portland Investment Counsel Inc.
Through Citi OpenInvestor, Citi is a leading global service provider to
the fund industry with over $1.5 trillion in assets under
administration. Citi offers fund accounting, fund administration,
transfer agency, compliance, regulatory support, alternative investment
services and a full suite of asset manager outsourcing solutions. As a
premier global custodian, Citi delivers coverage for 98% of the world's
market capitalization. With Citi's unique proprietary local branch
network, clients have a single platform to directly access local
experts, respond faster to market events and enhance risk management
capabilities.
"Citi offers its clients a boutique-level service supported by an
industrial-strength infrastructure," said Gurmeet Singh Ahluwalia,
Securities and Fund Services Head for Citi Transaction Services in
Canada. "We are pleased to be chosen by Portland to help them service
their growing business by putting our market-tested servicing and
systems to work for them. This mandate allows Portland to focus on
building relationships, creating new products and growing its
clientele."
Citi OpenInvestor is the investment services solution for today's
diversified investor that combines specialized expertise, comprehensive
capabilities and the power of Citi's global network to help clients
meet performance objectives across asset classes, strategies and
geographies. Citi OpenInvestor provides institutional, alternative and
wealth managers with middle office, fund services, custody, and
investing and financing solutions that are focused on their specific
challenges and customized to their individual needs. For more
information, visit openinvestor.transactionservices.citi.com.
Citi Transaction Services, a division of Citi's Institutional Clients
Group, offers integrated cash management, trade, and securities and
fund services to multinational corporations, financial institutions and
public sector organizations around the world. With a network that spans
more than 95 countries, Citi's Transaction Services supports over
65,000 clients. As of the third quarter of 2012, it held on average
$415 billion in liability balances and over $12.8 trillion in assets
under custody.
About Citi
Citi, the leading global bank, has approximately 200 million customer
accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments and
institutions with a broad range of financial products and services,
including consumer banking and credit, corporate and investment
banking, securities brokerage, transaction services, and wealth
management. Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
About Portland Investment Counsel Inc.
With roots dating back to 1986, Portland Investment Counsel Inc. is an
Investment Fund Manager and Portfolio Manager with a reputation for
being Owners and Operators thus insightful Investors. We service
retail investors, high net worth investors and institutions via
Portland mutual funds, closed end funds, as well as alternative and
private investments. We firmly believe that, if the needs of
institutional and retail investors are the same, the asset mix should
also be the same. This means utilizing a mix of public and private
investment solutions, of which Portland is uniquely positioned to offer
the best in these categories. Portland's mission is to democratize
private investing for retail investors as mutual funds have done for
stocks and bonds. www.portlandic.com
SOURCE: Citi
