Company Sees Opportunity in Custody and Trustee/Depository Services Sector

Citibank Worldwide Securities Services will retain $11.2 billion of Perpetual's UK mutual fund assets and will retain an additional $7 billion in the mutual fund assets of Perpetual's parent company, INVESCO, the company announced today.

The announcement follows a review of INVESCO and Perpetual Unit Trust suppliers in the wake of INVESCO's acquisition of Perpetual last year.

A joint team of INVESCO and Citibank executives will manage the transition during the next five months, according to Citibank.

Citibank has cited expanding opportunities in the mutual fund industry, particularly in the custody and trustee/depository services space.

The Citibank unit serves global issuers, investors and intermediaries in 52 countries, according to the company.

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