Citi and BlackRock announce Strategic Alliance
Citi has announced that it has entered into an alliance with BlackRock, via its Aladdin platform, to enhance the delivery of securities services to Citi clients who utilise the end-to-end investment management platform.
According to a press release shared on Businesswire, the agreement expands Citi and BlackRock’s existing relationship; Citi provides custody, accounting and fiduciary services for certain BlackRock funds domiciled in Hong Kong, Mexico and Colombia.
In addition to funds managed by BlackRock, Citi also provides custody services to many asset managers on the Aladdin platform, according to the press release. Joining the Aladdin Provider network will allow Citi to optimise its operating model to support not only BlackRock’s asset management business, but to provide an enhanced level of service to members of the broader Aladdin community, said the firm.
Sanjiv Sawhney, Global Head of Custody and Fund Services, Citi, said: “We are thrilled to join BlackRock’s Aladdin Provider network. Our clients continually look to us to improve operational efficiencies, and BlackRock’s innovative platform will facilitate shared workflows and shared data sources that will reduce manual processes and operating costs while improving service outcomes for our mutual clients.”
Sudhir Nair, Managing Director, Global Head of the Aladdin Business, BlackRock, said: “We are pleased to team up with Citi, one of the largest securities services firms, to deliver an integrated Aladdin-based operating model to our mutual clients, this integrated environment will allow for greater automation, data symmetry and streamlined communications between Citi and members of the Aladdin community.”
The connection to BlackRock’s Aladdin Provider network advances Citi’s strategy to leverage technology to achieve operational efficiencies across their custody and fund services platform.
Fiona Horsewill, Head of Global Digital and Data Strategy, Custody and Fund Services, Citi, said: “Connecting Aladdin Provider to our data integration and delivery framework, Clarity, is a continuation of our commitment to deliver meaningful data and analytics that help clients reduce operating costs and extract actionable insights from their data.”
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