CITIGROUP
NYSE : C

CITIGROUP

July 11, 2005 09:35 ET

Citigroup Appointed Fund Administration Service Provider For AGF Management Limited

MISSISSAUGA, Ontario--(CCNMatthews - Jul 11, 2005) -

Citigroup (NYSE: C) Corporate and Investment Banking announced today that it has reached an agreement to provide Transfer Agency, Fund Administration and related services to AGF Management Limited and other fund managers in the Canadian market.

Through the new 10-year relationship, AGF will strengthen its global operational capabilities in support of its development as a leading global fund manager, and Citigroup will gain an immediate leadership position in the Securities Services industry in Canada while building on its existing global expertise in Transfer Agency and Fund Accounting services. In addition to 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.

"We are excited about combining the expertise of the Unisen team with our industry leading operations and technology capabilities, to create a world class Securities Servicing platform in Canada," said Frank Bisignano, Chief Executive Officer, Citigroup® Global Transaction Services, a unit of Citigroup Corporate and Investment Banking. "The long-term agreement with AGF further demonstrates our commitment to serving the needs of the investment management industry on a global basis."

"We looked at numerous partners, and determined that Citigroup was the right choice for AGF," said Blake Goldring, President and Chief Executive Officer, AGF. "By partnering with such a large global provider like Citigroup, we can drive further economies of scale and give our clients access to the best in professional client services and administrative processing."

Approximately 950 Unisen employees will transfer to Citigroup and remain based in Mississauga, Ontario. The deal will close before the end of the year.

"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.

Sahai said clients who partner with Citigroup on their fund administration offerings realize meaningful benefits, including lower operating costs, enhanced service levels and are able to access a global platform for growth.

About Citigroup

Citigroup (NYSE: C), the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, and Banamex. Additional information may be found at www.citigroup.com.

About Citigroup Corporate and Investment Banking

Our Corporate and Investment Banking group achieves the extraordinary for our clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients - our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy. Additional information can be found at: www.citigroupgcib.com

About Citigroup® Global Transaction Services

Citigroup® Global Transaction Services, a unit of Citigroup Corporate and Investment Banking, is a leading provider of integrated cash management, trade, securities and fund services for corporations, financial institutions, intermediaries and governments around the world. With over $ 139 billion in average liability balances, $8 trillion in assets under custody and the largest proprietary branch network, Citigroup's award-winning operating systems and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing cycles, and re-engineer receivables and payment processes. Citigroup Global Transaction Services provides clients with access to Citigroup's full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 90 local markets. For additional information, see www.transactionservices.citigroup.com.

About AGF

AGF is one of Canada's premier investment management companies with offices across Canada and subsidiaries around the world. With approximately $32 billion in total assets under management, AGF serves more than one million investors with offerings across the wealth continuum. AGF's products and services include a diversified family of over 50 mutual funds, AGF Harmony tailored investment program, AGF Private Investment Management and AGF Trust GICs, loans and mortgages.

Contact Information

  • Citigroup
    Brian Steel, Media Relations
    Work: 212-816-2949
    Mobile: 917-545-0683
    E-mail: brian.w.steel@citigroup.com
    or
    Investor Relations
    Arthur Tildesley, 212-559-2718
    or
    AGF Management Limited
    Pat Phillips, Media Relations, 416-815-6207