Citigroup Corporate and Investment Banking on Monday said it will now provide transfer agency, fund administration and related services to AGF Management Limited and other fund managers in the Canadian market
Along with the partnership with AGF, Citigroup will gain relationships with other fund managers in Canada through the transfer of shares in Unisen-a wholly owned subsidiary of AGF-to Citigroup.
This should help AGF strengthen its global operational capabilities while helping Citigroup gain a leadership position in the securities services industry in Canada, the company said.
"This agreement gives us the opportunity to leverage Unisen's capabilities and existing client base to provide a full range of innovative Securities Services solutions to the Canadian marketplace," said Neeraj Sahai, global head of securities services for Citigroup Global Transaction Services.
Approximately 950 Unisen employees will transfer to Citigroup and remain based in Mississauga, Ontario. The deal is expected to close before the end of the year. Financial terms were not disclosed.