Citi wins $380B middle office mandate from Aegon Asset Management

Citi Investor Services has been awarded a full middle office mandate by Aegon Asset Management covering $380 billion in assets under management, expanding a relationship of 20 years, according to a press release from Citi.

The mandate extends the scope of services Citi already provides to Aegon Asset Management, which includes custody, depositary, collateral, fund accounting and administration, and transfer agency services. Under the new arrangement, Citi will provide full Investment Book of Record services, trade management and settlement, and performance measurement through BlackRock's Aladdin Accounting services.

As part of the transition, Aegon Asset Management's operations employees based in Budapest, Hungary, have transferred to Citi's Solutions Centre in Budapest. Teams in India, Poland, the U.K., and the U.S. also support the arrangement for Aegon Asset Management's entities in the U.K., U.S., and Netherlands.

Mike Hughes, Head of Fund Services at Citi Investor Services, said the mandate "significantly expands our relationship with Aegon AM" and reflects the firm's strategy to grow with asset managers globally.

Mike Tumilty, Global Chief Operating Officer at Aegon Asset Management, said expanding the partnership with Citi to operate its middle office on the Aladdin platform "was a clear next step in our evolution towards a global, scalable, and efficient operating model."

As of the second quarter of 2026, Citi Securities Services reported approximately $35 trillion in assets under custody and administration. Citi (NYSE: C) operates in more than 180 countries.

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