TEL AVIV, Israel--(BUSINESS WIRE)--

Citi (C) was awarded a mandate to provide fund administration services for Phoenix Pension & Provident Funds, Limited (Phoenix), to support their new personal provident fund offering, a form of retirement savings through defined contribution schemes.

Phoenix is one of the leaders in the industry of personal provident funds in Israel. Motti Dahan, CEO, Phoenix said: We selected Citi to provide administration services because of its robust operational platform, its global network and ability to leverage the best practices of its fund services business in support of our new funds. Citis profile matches the needs of our clients and the high standard of service we provide. Phoenix is leading the industry of personal provident funds and I am convinced that the cooperation with Citi will bring great benefits to our clients and maintain the leading edge position of our company.

Citi launched fund administration services in Israel in March 2012 and this mandate represents Citis first fund administration agreement with a local institutional asset manager. With a local presence since 2000, Citi currently has over 150 employees in Israel.

One of Citis strengths is our ability to offer a wide range of products and services to support the needs of our clients and provide them with tailored solutions, said Ralph Shaaya, CEO, Citi Israel. We are pleased to announce this first mandate for fund administration services and look forward to continuing to grow our business.

Sanjiv Sawhney, Global Head of Fund Services, Citi Transaction Services added: This deal illustrates Citis ability to combine global resources and practices with local expertise to offer our clients best-of-breed solutions. I am confident that this will prove to be a valuable fund administration model for our clients in Israel.

Citi is a leading global service provider to the fund industry with over $1.5 trillion in assets under fund administration. In addition to its award-winning fund administration services, Citi offers fund and partnership accounting, transfer agency and distribution support, alternative investment services and a full suite of asset manager solutions through Citi OpenInvestorSM.

Citi OpenInvestor is the investment services solution for todays diversified investor, combining specialized expertise, comprehensive capabilities and the power of Citis global network to help clients meet performance objectives across asset classes, strategies, and geographies. With an on-the-ground presence in over 95 countries and over $13 trillion in assets under custody, Citi offers award winning service and unmatched scale. Citi provides complete investment services for institutional, alternative, and wealth managers delivering middle office, fund services, custody, investing and financing solutions focused on clients specific challenges, customized to their individual needs.

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Citi Awarded Mandate to Provide Fund Administration Services for Phoenix Personal Provident Funds