Citi Secures US$380 Billion Middle Office Mandate from Aegon Asset Management

Quick Summary

Citi Investor Services has secured a US$380 billion middle office mandate from Aegon Asset Management. This expansion of a 20-year partnership utilizes BlackRock's Aladdin platform to provide Investment Book of Record (IBOR) services, trade management, and performance measurement for Aegon AM's global operations.

How does Citi Investor Services support Aegon Asset Management?

Citi Investor Services provides a comprehensive suite of middle office solutions designed to streamline complex asset management operations. By leveraging the Aladdin platform, Citi delivers an integrated service model that includes full Investment Book of Record (IBOR) services, trade management, settlement, and performance measurement via Aladdin Accounting. This mandate expands upon a 20-year relationship that already included custody, depositary, collateral, and fund accounting services.

• US$380 billion in Assets under Management covered by the new mandate.
• Full Investment Book of Record (IBOR) services.
• Trade management and settlement capabilities.
• Performance measurement via Aladdin Accounting services.

What is the significance of the Aladdin Provider model?

The transition represents a major milestone in Citi's strategy to act as an integrated service provider on BlackRock's Aladdin investment platform. By expanding the Aladdin Provider model, Citi Investor Services can offer enhanced data management and accounting services at scale. This model is supported by a global network of technology and operations hubs, ensuring consistent service delivery across multiple jurisdictions including the U.K., U.S., and Netherlands.

How is the Budapest Citi Solutions Centre involved?

To support the enhanced capabilities required by this mandate, Aegon Asset Management's operations employees in Budapest, Hungary, have transferred to the Citi Solutions Centre. This move integrates specialized expertise directly into Citi's team, allowing these professionals to continue supporting Aegon AM as a client while growing their careers within Citi's global infrastructure. The Budapest hub works alongside teams in India, Poland, the U.K., and the U.S. to maintain the global operating model.

FF NEWS TAKE:

This mandate is a significant win for Citi Investor Services, demonstrating the growing trend of large asset managers outsourcing complex middle-office functions to trusted banking partners. By deepening its integration with BlackRock's Aladdin, Citi is positioning itself as an essential infrastructure layer for the world's largest institutional investors. The transfer of staff also highlights a sophisticated approach to talent retention during large-scale service transitions, ensuring continuity for Aegon AM.