Citi wins $380bn middle-office mandate from Aegon Asset Management

Citi Investor Services has won a full middle-office mandate from Aegon Asset Management covering USD 380bn, the bank said on 13 August.

The mandate adds investment book of record services, trade management and settlement, and performance measurement delivered through Aladdin Accounting. Citi already provided custody, depositary services, collateral management, fund accounting and administration, and transfer agency to Aegon AM, under a relationship that has run for 20 years.

So this is an expansion of an incumbent mandate rather than a change of provider, and it moves the servicer across a line: the investment book of record is the record the front office trades against, not a back-office ledger reconciled after the fact.