LONDON–()–Citi Securities Services has been appointed by Sanlam Private Wealth, a South Africa-based wealth manager for a range of services including execution, treasury and custody services for the securities of Sanlam’s overseas clients Private Wealth.

“We are honored to have been selected by Sanlam Private Wealth as they undergo a transformation of their business model,” said Masha Maharaj, Head of Citi’s Securities Services Cluster for Sub-Saharan Africa and Head of Securities Services. titles for South Africa. “Our clients continually look to us to improve operational efficiency and our strategy is to become an extension of our clients’ organization to ensure they maximize profitability to grow their business.”

This appointment is part of a complete transformation of Sanlam Private Wealth’s business model, which includes a new investment platform and the outsourcing of trading and middle office functions to Citi. Across the industry, asset managers and wealth managers are increasingly focusing their business models on core competencies, such as portfolio and client management. In doing so, more and more organizations are outsourcing functions to trusted third parties, paving the way for greater efficiency.

“We chose Citi as our partner at this pivotal time in our business transformation because of their vast experience and the breadth and flexibility of their service offering,” said Imraan Bacus, COO of Sanlam Private Wealth. “The comprehensiveness of Citi’s vast network, in addition to its well-established presence in emerging markets, including South Africa, will enable us to seamlessly deliver the benefits of their capabilities to our customers.”

Citi has been present in South Africa since the 1950s and offers a range of scalable solutions, supported by an extensive global network in over 100 markets. Citi is therefore uniquely positioned to help clients around the world transition to better operating models with increased efficiency before and after trading.

With about 25 trillion dollars1 of assets in custody, administration and trust, and the industry-leading proprietary network spanning more than 60 markets, Citi Securities Services offers its clients extensive local market expertise on the ground, innovative post-trade technologies, personalized data and a wide range of custodial services and funds that can be tailored to meet client needs.

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Citi is a leading banking partner for institutions with cross-border needs, a global leader in wealth management, and a popular personal bank in its home market, the United States. Citi does business in more than 160 countries and jurisdictions, providing businesses, governments, investors, institutions and individuals with a wide range of financial products and services.

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1 *As of 06/30/2022, represents total assets in custody, in administration and in trust