Citi onboards Fiducian as part of custody, admin deal

Citi Securities Services, a subsidiary of Citi Group, has announced the addition of ASX-listed investment and advice group Fiducian to its client portfolio.

Confirming the partnership, Citi said it will now serve as custodian, fund administration and registry services provider to the Sydney-based investment and wealthtech firm.

Fiducian, which oversees $13.1 billion in funds under management, has also been onboarded to Citi’s platform.

According to Citi, the migration involved more than “1,300 assets, many thousands of transactions, tax parcel data and unit pricing across Fiducian’s Investor Directed Portfolio Service (IDPS), superannuation wrap and Fiducian Funds product offerings”.

Citi said its newest securities services partner will benefit from its data and technology solutions, front-to-back outsourcing model, and global network.

Citi boasts that its Securities Services division provides cross-border support for clients, with “extensive on-the-ground local market expertise, innovative post-trade technologies, customised data solutions, and a wide range of custody and fund services that can be tailored to meet clients’ needs”.

Fiducian Group chair Indy Singh noted the “high levels of service and support” offered by Citi since the partnership was inked.

The pair have an existing relationship, with Fiducian previously engaged with Citi Markets’ execution team.

Fiducian’s business encompasses platform administration for investment and superannuation, funds management and financial planning with underlying market-leading in-house FinTech capabilities to support financial advisers and their clients.

Citi boasts that its Australia arm has successfully onboarded over four new clients over the past 12 months, with assets under custody and administration growing by 14% year-on-year in 2023.

Mark England, head of Citi Australia and New Zealand securities services, said the firm was “delighted to have been appointed by Fiducian, demonstrating our commitment to servicing Australian investors”.