PHILIPPINES - The Government Service Insurance System (GSIS) has appointed Citibank as global custodian for its US$1bn Global Investment Program (GIP).
Citibank beat off competition from State Street Bank and JPMorgan Chase to secure the contract which will see it responsible for the safekeeping and administration of the fund’s assets.
Winston F. Garcia, president and general manager, GSIS, said: “Citi will minimise sub-custodian risk and will provide the GSIS with local market knowledge, resulting in timely communication of market changes, better control over operations and client service quality and fast inquiry or problem resolution.”
The $1bn afforded to GIP makes up around 12% of the overall GSIS loans and investment portfolio.
Earlier in November, GSIS awarded ING and Credit Agricole Asset Management mandates worth $300m.
The fund said it would invest overseas to better meet future claims and benefits of its members.
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