Citigroup Inc.'s corporate and investment banking unit announced Monday that it had agreed to provide transfer agency, fund administration, and related services to AGF Management Ltd. and other fund managers in the Canadian market.
Through the 10-year relationship, AGF is to strengthen its operational capabilities in support of its development as a global fund manager, and Citigroup is to gain an immediate leadership position in the Canadian securities services industry. The U.S. company expects to gain relationships with other Canadian fund managers through a transfer of shares in Unisen, a wholly owned AGF subsidiary, to Citigroup.
About 950 Unisen employees are to transfer to Citigroup but remain in Mississauga, Ontario. The deal is to close this year.
