Mark England

Citi Services has announced it has won a mandate to provide custodial and fund services to superannuation fund Hostplus in a five-year contract extension.

Citi was the incumbent party in a competitive tender process. The retention of the mandate builds on Citi’s existing 13-year partnership with Hostplus.

Hostplus is one of the largest superannuation funds in Australia, with over 1.9 million members, more than 320,000 employers and over $150 billion in funds under management.

Over their 13-year partnership, Citi has worked closely with Hostplus as it has scaled and grown in complexity; supporting their increased investment requirements, regulatory obligations and operational efficiency.

The mandate retention follows a rigorous and competitive tender process. Citi was selected for its unmatched custodial and fund administration services that will support Hostplus in its mission to deliver outstanding investment outcomes to its members. 

Mark England, Co-Head of Services for Citi Australia and New Zealand, said “We are delighted to continue our relationship with Hostplus. We aspire to be the custodian and funds provider of choice for industry superannuation funds, and our success in this competitive tender process is a strong endorsement of our platform.

“As Australia’s A$4.5 trillion superannuation sector continues to grow and faces greater regulatory obligations and investment requirements, Citi is confident that our capabilities and integrated solutions are unmatched in the market. The combination of our platform, people and unparallelled global network positions us as the long-term provider of choice for industry super.” 

David Elia, CEO of Hostplus, said, “We are pleased Citi has been reappointed as Hostplus’ custodian following a competitive RFP process. The outcome reflects Citi’s cultural alignment with the fund, their depth of capability and the quality of solutions they bring to our custodial arrangements.

“Through the in‑depth process, we confirmed that Citi remains best placed to deliver custodial services that are critical to supporting our long‑term business and investment strategies, and we value their ongoing commitment to the fund and our members.”

Citi Services has an integrated suite of Custody, Funds, Liquidity Management Services, Payments, Trade and Working Capital Solutions. Through its advanced data capabilities, Citi connects and serves clients across the entire trade and investment ecosystem.

With a leading proprietary network, universal banking capabilities, and holistic offering across Services, Markets and Banking, Citi is well-equipped to power the global ambition of Australia’s superannuation sector.

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Mark England

Leading wealth platform and provider of investment administration and managed account solutions, Mason Stevens Limited has announced it has appointed Citi Securities Services to provide it with custody and integrated execution services.

This appointment comes at a significant time for Mason Stevens as it looks to expand its wealth platform offering to deliver premium wealth management solutions.

“Citi is thrilled to be partnering with Mason Stevens as they continue to develop their investment administration and managed account solutions,” said Mark England, Citi Australia and New Zealand Head of Securities Services.

“Citi has worked with Mason Stevens for several years across Global Markets execution and research services. By expanding our partnership to include securities services, we can help drive efficiencies and support growth by delivering an integrated set of solutions,” added Mr England.

Commenting on the appointment, Mason Stevens’ CEO and Executive Director Tim Yule said: “We recognise Citi’s experience and reputation as a global custodian, supporting our capability in accessing all major global markets. We already have an existing relationship and system connectivity with Citi for international listed securities and trust this partnership will help better serve our valued client base.”

“We are on a strong growth trajectory and are always looking to invest in new solutions to provide better investment outcomes for our clients. We are 100 per cent focused on what we do best and engaging partners, like Citi, to leverage their capabilities where we need to,” Mr Yule continued.

Citi Securities Services Australia has experienced significant expansion in recent years, particularly in the wealth platform and funds management sectors.

“With a great deal of experience, honed over the past couple of years, Citi’s ambition is to provide certainty for clients by ensuring the onboarding process is simple and efficient — a singular focus we know that clients demand. Once onboarded, clients have access to our full range of investor solutions, as well as exceptional client support and market-leading expertise,” said Mr England.

With approximately USD$26.2 trillion^[1] of assets under custody, administration and trust worldwide, and a leading proprietary network spanning more than 60 markets, Citi Securities Services provides cross-border support for clients with extensive on-the ground local market expertise, innovative post-trade technologies, customised data solutions, and a wide range of securities services solutions that can be tailored to meet clients’ needs.

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[1] As of 31 December 2022.

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Mark England

Citi Australia has named Mark England as the new Head of its Securities Services business in Australia and New Zealand, following the retirement of long-serving executive Martin Carpenter.

England is currently based in Hong Kong and is APAC Co-Head of Sales for Citi Securities Services. He will relocate to Australia, where he will assume the role of leading the Securities Services function for Australia and New Zealand while retaining his existing regional responsibilities.

Citi Australia and New Zealand CEO, Marc Luet, said England’s industry experience and knowledge of the Citi business will be a great asset as Citi Australia strengthens its leadership position and growth plans in the securities services sector.

“Mark is one of the most senior leaders in the Securities Services business, with 20+ years’ experience in different roles across New York, Dublin, London, and Hong Kong. With a significant number of additional opportunities ahead of us in Australia, we are delighted to be able to locate a senior regional role out of Sydney as a demonstration of our ongoing commitment to the market,” Mr Luet said.

“We are entering a pivotal time in our business, allowing us to concentrate our resources where we can add the most client value. Securities Services presents a strong opportunity for growth as we enter a new chapter in our business, and we will continue our investment in people, technology, and processes to further cement our leadership position in the local market.”

Martin Carpenter has been with Citi Australia for more than 16 years and has led the Securities Services franchise across Australia and New Zealand for 13 years, overseeing a fantastic period of transformation and growth. Most notably, Citi Australia’s client transfer agreement with RBC, which was completed in March of this year, welcoming 26 new clients and 140 new staff to the Securities Services team.

“Martin has overseen a tremendous period of growth and development in our business in Australia,” Mr Luet said. “From a sub-custody only focused business employing approximately 30 staff at the start of his tenure, Securities Services is now a multi-product franchise, employing upwards of 340 staff onshore and offshore, ranked #2 in the industry, and generating significant revenues.

“The success of this business is a testament to Martin’s character and hands-on leadership approach. Martin has played an integral role in Citi’s business for almost two decades. We thank him for his dedication and commitment to success and wish him well in the next chapter of his life.”

Carpenter will retain his full responsibilities pending regulatory and compliance approvals for England’s appointment, which is expected to be finalised within the third quarter.

With approximately $29.9 trillion of assets under custody and administration and an industry-leading proprietary network spanning over 60 markets, Citi Securities Services provides clients with extensive on-the ground local market expertise, innovative post-trade technologies, customised data solutions and a wide range of custody and fund services that can be tailored to meet clients’ needs.

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