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Citi
After a year ’ s absence , Citi makes a welcome return to the MFA survey with an excellent set of results , scoring above the survey average in all areas . This is all the more impressive given that its 2017 responder base is skewed towards large client sizes by AuM compared to the global survey sample . While there are no results to compare with on a year-on-year basis , the bank ’ s scores have risen significantly since 2015 . For Distribution Support , Citi scores a perfect 7 – the highest possible score in the survey . The largest category increase over that period is recorded for Reporting , up 1.87 points to 6.40 . This is an area where the bank acknowledges having devoted significant effort . “ Both as a result of increased regulatory filing requirements and scrutiny , as well as the evolution of Big Data , accessibility to real-time data and dynamic reporting have become paramount ,” says Citi . “ Clients and industry participants alike continue to require more data , more frequently , and across multiple delivery platforms driving significant technology investments by 3rd party administrators . Dynamic data management and data delivery tools are essential in meeting the evolving needs of investment managers .” At an individual question level , all questions relating to distribution support capabilities receive a score of 7 as does efficiency of call centre shareholder services especially handling volume peaks . The lowest question score is for quality and ease of use of client-facing technology , which nevertheless scores a more than satisfactory 5.90 .
Client comments focus largely on aspects of relationship management and client service . “ Our RM at Citi understands our business needs and is an extension of our organisation within Citi ,” notes one . “ Excellent ability to manage multiple fund projects seamlessly . Experienced , knowledgeable staff ,” says another . In anticipation of growing service demands from ETFs , Citi has made large scale investment in its ETF processing engine . As a result , says the bank , Citi recently secured a mandate to provide full ETF Services including fund accounting and administration , custody , and transfer agency for an existing ETF Issuer , covering 11 funds with approximately $ 1.2 billion in assets .
Citi scores versus market average |
|
2017 |
All |
Difference |
Relationship Management and Client Service |
6.66 |
6.28 |
0.38 |
Value Delivered |
6.18 |
6.05 |
0.13 |
Fund Accounting And Valuation |
6.60 |
6.42 |
0.18 |
Transfer Agency |
6.57 |
6.54 |
0.03 |
Distribution Support |
7.00 |
6.14 |
0.86 |
Fund Reporting |
6.40 |
6.22 |
0.18 |
Compliance |
6.76 |
6.56 |
0.20 |
Operations and custody |
6.19 |
6.17 |
0.02 |
|
6.55 |
6.30 |
0.25 |
Citi client size ( AuM ) MFA overall client size ( AuM )
Up to $ 100 million $ 100 million to $ 250 million $ 250 million to $ 1 billion $ 1 billion to $ 5 billion $ 5 billion to $ 10 billion $ 10 billion to $ 50 billion Over $ 50 billion N / A
Up to Up $ 100 to $ 100 million
$ 100 million to $ 250 million $ 250 million to $ 1 billion $ 1 billion to $ 5 billion $ 5 billion to $ 10 billion $ 10 billion to $ 50 billion Over $ 50 billion N / A
Citi scores by type of fund managed |
|
Equity |
Non-equity |
All |
Relationship Management and Client Service |
7.00 |
6.00 |
6.66 |
Value Delivered |
6.78 |
5.50 |
6.18 |
Fund Accounting And Valuation |
6.94 |
5.50 |
6.60 |
Transfer Agency |
n / a |
n / a |
6.57 |
Distribution Support |
n / a |
n / a |
7.00 |
Fund Reporting |
6.89 |
6.50 |
6.40 |
Compliance |
7.00 |
n / a |
6.76 |
Operations and custody |
6.65 |
5.60 |
6.19 |
|
6.88 |
5.82 |
6.55 |
Citi overall scores |
2017 |
2016 |
2015 |
Difference : 2015-2017 |
Weighted share (%) |
4.26 |
n / a |
2.04 |
Relationship Management and Client |
6.66 |
n / a |
5.84 |
0.82 |
Service |
|
|
|
|
Value delivered |
6.18 |
n / a |
5.24 |
0.94 |
Fund accounting |
6.60 |
n / a |
6.36 |
0.24 |
Transfer Agency |
6.57 |
n / a |
5.45 |
1.12 |
Distribution support |
7.00 |
n / a |
6.00 |
1.00 |
Reporting |
6.40 |
n / a |
4.53 |
1.87 |
Compliance and regulation |
6.76 |
n / a |
6.74 |
0.02 |
Operations and custody |
6.19 |
n / a |
5.16 |
1.03 |
Summer 2017 globalcustodian . com 79