For Immediate Release Citigroup Inc. (NYSE: C)

Citi Securities Services Onboards South African Wealth Manager Sanlam Private Wealth

October 26, 2022


Citi supports Sanlam Private Wealth’s business model transformation

London – Citi Securities Services has been appointed by Sanlam Private Wealth, a South Africa-based wealth manager for a range of services, including execution services, cash and custody for Sanlam Private Wealth’s non-domestic client securities.

“We are honored to have been selected by Sanlam Private Wealth as they undergo a transformation of their business model,” said Masha Maharaj, Citi’s Securities Services Cluster Head for Sub-Saharan Africa and Securities Services Head for South Africa. “Our clients continually look to us to improve operational efficiencies and our strategy is to become an extension of our client’s organization to ensure they are maximizing cost efficiencies to grow their business.”

The appointment forms part of a complete transformation of Sanlam Private Wealth’s business model, which includes a new investment platform and the outsourcing of trading and middle office functions to Citi. Across the industry, asset managers and wealth managers are increasingly focusing their business models on core competencies, such as portfolio and client management. In doing so, more and more organizations are outsourcing functions to trusted third parties paving the way for greater efficiencies.

“We chose Citi as our partner at this pivotal moment of our business transformation because of their extensive experience as well as the scope and flexibility of their service offering,” said Imraan Bacus, COO of Sanlam Private Wealth. “The globality of Citi’s vast network in addition to their well-established presence in emerging markets including South Africa will allow us to seamlessly deliver the benefits of their capabilities to our clients.”

Citi has had a presence in South Africa since the 1950s and has an array of scalable solutions, backed by an extensive global network across more than 100 markets. Citi is therefore uniquely positioned to help clients across the globe to transition to better operating models with increased pre- and post-trade efficiencies.

With approximately $25 trillion1 of assets under custody, administration and trust, and the industry-leading proprietary network spanning more than 60 markets, Citi Securities Services provides clients with extensive on-the ground local market expertise, innovative post-trade technologies, customized data solutions, and a wide range of custody and fund services that can be tailored to meet clients’ needs.

1*As of 6/30/2022, represents totals assets under custody, administration and trust

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

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Media Contacts:
Rekha Jogia-Soni

Audra Mahlong

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