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Citi Securities Services Onboards South African Wealth Manager Sanlam Private Wealth

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Citi Securities Services has partnered with Sanlam Private Wealth to support their business model transformation, providing execution services and custody for non-domestic client securities. This transformation aims to enhance operational efficiencies by outsourcing trading and middle office functions. Imraan Bacus, COO of Sanlam, highlighted Citi's extensive experience and global reach as key factors in their selection. With its history in South Africa since the 1950s and assets under custody exceeding $25 trillion, Citi is well-positioned to help facilitate this transition.

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  • Citi appointed by Sanlam for execution services and custody, enhancing operational efficiencies.
  • Citi's extensive experience and global presence aid in Sanlam's business model transformation.
  • Sanlam outsourcing trading functions to Citi allows focus on core competencies in client management.
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Citi supports Sanlam Private Wealth’s business model transformation

LONDON--(BUSINESS WIRE)-- Citi Securities Services has been appointed by Sanlam Private Wealth, a South Africa-based wealth manager for a range of services, including execution services, cash and custody for Sanlam Private Wealth’s non-domestic client securities.

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

The appointment forms 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 efficiencies.

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

Citi has had a presence in South Africa since the 1950s and has an array of scalable solutions, backed by an extensive global network across more than 100 markets. Citi is therefore uniquely positioned to help clients across the globe to transition to better operating models with increased pre- and post-trade efficiencies.

With approximately $25 trillion1 of assets under custody, administration and trust, and the industry-leading proprietary network spanning more than 60 markets, Citi Securities Services provides clients with extensive on-the ground local market expertise, innovative post-trade technologies, customized data solutions, and a wide range of custody and fund services that can be tailored to meet clients’ needs.

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

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.

1 *As of 6/30/2022, represents totals assets under custody, administration and trust

Media Contacts:

Rekha Jogia-Soni

rekha.jogiasoni@citi.com

Audra Mahlong

Audra.mahlong@citi.com

Source: Citi

FAQ

What services is Citi providing to Sanlam Private Wealth?

Citi is providing execution services, cash, and custody for non-domestic client securities to Sanlam Private Wealth.

When was Citi appointed by Sanlam Private Wealth?

Citi was appointed as the partner for Sanlam Private Wealth as part of their business model transformation.

What is the estimated asset under custody managed by Citi?

Citi manages approximately $25 trillion in assets under custody, administration, and trust.

How does the partnership benefit Sanlam Private Wealth?

The partnership with Citi aims to enhance operational efficiencies by outsourcing trading and middle office functions.

Why did Sanlam Private Wealth choose Citi?

Sanlam chose Citi for its extensive experience, global network, and the flexibility of its service offering.

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