CI Mutual Funds Inc. has selected RBC Global Services as the exclusive outsourcing provider for its recently acquired Skylon Capital Corp. and Synergy Mutual Funds operations, the two companies said.
RBC said the deal with CI, which will add total assets under administration valued at $2.2 billion, creates the largest outsourcing relationship for custody and investment administration services in the Canadian market. In total, RBC Global Services will provide custody and fund accounting services to more than $37.3 billion of assets under administration for CI.
“Our recent acquisitions offered us a unique opportunity to review the offerings of the leading outsourcing providers,” Stephen MacPhail, executive vice president, chief financial officer and chief operating officer at CI, said in a statement.
RBC Global Services is Canada’s largest custodian and 10th largest in the world, with client assets under administration of $1.4 trillion.
CI Funds picks RBC for custody, admin outsourcing
RBC to be exclusive provider for recent CI acquisitions
- By: IE Staff
- November 13, 2003 November 13, 2003
- 15:30
IE Staff