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Allianz chooses Citi for custody in Asia

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Standard Chartered loses out as Allianz hands Citi its insurance custody mandate for Asia, soon after the Bank Consortium Trust replaces HSBC as custodian of RCM's Hong Kong MPF funds.

Allianz has handed its regional insurance custody mandate to Citi, some two years after it appointed Standard Chartered to the role.

Citi will provide global and sub-custody custody, fund administration services and investment data services (IDS) reporting for the manager's life and general insurance customers in Hong Kong, Indonesia, Japan, Malaysia, Singapore, South Korea, Taiwan and Thailand.

Bruce Bowers, Asia chief executive at Allianz, cites the US bank's geographic reach in the region as one ...

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