Citi Secures $380 Billion Aegon Mandate, Expanding 20-Year Partnership

Citigroup’s (NYSE: C) Investor Services division secured a full middle-office mandate from Aegon Asset Management. The agreement covers US$380 billion in assets under management. This deal extends a 20-year relationship between the two financial institutions.

Citi will provide operational services including trade management, settlement, and performance measurement. These services will utilize the BlackRock Aladdin platform. The mandate supports Citi’s strategic goal to expand global services for asset managers.

Aegon Asset Management’s operations staff in Budapest, Hungary, will transfer to Citi’s local Solutions Centre. This move facilitates the transition of middle-office functions to the bank.