Citi is transitioning two new clients to its fund services offering as sales chief David Edwards and his recently built team deliver the message that the bank has the capability to provide full-service custody.
Edwards said the two contracts – from a superannuation fund and an investment manager – were won as he and his sales team spread the word that Citi could offer the broad sweep of custodial services in Australia.
In recent months, Edwards hired Tania Tuxford from RBC Dexia Investor Services, and Dawn Nockles from BNP Paribas Securities Service, to engage the market.
“There wasn’t a great awareness of the end-to-end service we could offer. People saw us as a sub-custodian,” Edwards said.
Before Edwards joined from JP Morgan’s custody business in 2010, Citi focused on small- and medium-sized funds managers. But it was now drawing on its regional systems to offer services to a broader set of prospective clients.
“We’ve got service locations throughout Asia. It’s not like it’s a new service that Citi is providing: we’re bringing it to Australia,” he said.