International investment manager Skandia Investment Group (SIG) has picked Citigroup as its sole third-party fund administrator, Financial Times reports. Citi has replaced Bank of New York Mellon Corp. The move will help the U.K. company in reducing administration costs.
The group was previously using both firms as administrators on separate fund ranges, but has handed the entire $22.9 billion of assets managed by SIG to Citi. Citi is an international financial conglomerate with operations in the consumer, corporate, and investment banking and insurance segments.
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