Citi gets new license to expand trustee services in Singapore

It will now be able to act as trustee for Singapore collective investment schemes.

For over 15 years, Citi has been providing trustee services to Singapore authorised collective investment schemes offered to retail investors. With the new license, Citi Singapore’s trustee services unit, Citicorp Trustee (Singapore) Limited, is able to also act as trustee for Singapore collective investment schemes offered to institutional investors and restricted schemes offered to accredited investors.

The increase in the number of funds offered by investment managers to institutional and accredited investors as Singapore develops itself as a global wealth management hub is the key driver for Citi’s expansion.

Alvin Goh, Singapore Head of Securities Services said, “At Citi, we are constantly reviewing our service offerings to support the changing needs of our clients. With the rise of wealth management activities in Singapore, there is a growing need to offer solutions that enable our clients to tap on opportunities for growth. Citi’s expansion of trustee services to Singapore restricted schemes and schemes offered to institutional investors is aimed at enhancing the bank’s service offerings to meet the end-to-end needs of investment managers here.”

Caroline Chan, APAC Head of Trustee & Fiduciary Services, added, “Citi Trustee Services has seen strong growth across Asia Pacific in the last few years and the ongoing enhancement of services we provide to Singapore’s asset management industry is a key initiative in our regional strategy. We are pleased to be able to offer our value-add services of regulatory expertise and thought leadership to both retail and private collective investment schemes. With this new development we are now able to support our clients across the full range of their investment products, cementing Citi Trustee Services as the Trustee of choice.”

Citi currently provides trustee and fiduciary services to investors in over 10 countries globally.