Sun Life Investment Management and Trust Corporation (SLIMTC) has named Citi as its middle-office service provider in the Philippines, which makes Citi the first bank in the country to onboard a middle-office client.  

The transaction, also an industry first, will help move the Philippine market closer to global industry standards in post-trade-related activities.

“We’re partnering with a provider whose market expertise and technical capabilities will help ensure that we can fully service the requirements of our clients for both local and offshore securities,” says Mike Enriquez, president of SLIMTC.

“Our middle-office solution allows our clients to focus more on their core investment activities, safe in the knowledge their trade settlement- and operations-related activities are being supported,” adds Tiffin Tanseco, head of Philippines securities services at Citi.

Citi has been providing custody and fund services, including global custody, local custody and fund accounting services in the Philippines for more than 30 years. Citi’s middle-office service, launched in 2003, supports over 750 funds in the Asia-Pacific region. Citi has invested heavily in its Asia middle-office outsourcing solution and employs more than 500 dedicated operations staff based in Australia, Malaysia, India and Singapore.