
As Citi realizes opportunities with asset managers globally, the mandate underscores Citi’s ambitions to scale growth on Aladdin


Highlights:



Citi Investor Services has won a US$380 billion mandate from Aegon Asset

<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">As Citi realizes opportunities with asset managers globally, the mandate underscores Citi’s ambitions to scale growth on Aladdin</i>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Highlights:</b>

</p><ul xmlns="http://www.w3.org/1999/xhtml" class="bwlistdisc">
<li xmlns="http://www.w3.org/1999/xhtml">
Citi Investor Services has won a US$380 billion mandate from Aegon Asset Management, expanding a 20-year relationship and underscoring its strategy to realize opportunities with asset managers globally

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
Citi has extended the breadth of its middle office offering to include full Investment Book of Record (IBOR) services, trade management and settlement and performance measurement via Aladdin Accounting services

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
To support these enhanced capabilities, Aegon Asset Management&#39;s operations employees based in Budapest, Hungary have transferred to the Citi Solutions Centre in Budapest, bringing valuable expertise and continuing to grow their careers within Investor Services

</li>
</ul><p xmlns="http://www.w3.org/1999/xhtml">
Citi Investor Services has been awarded a full middle office mandate by Aegon Asset Management (Aegon AM), covering US$380 billion in Assets under Management and extending a long-term relationship with a key client of 20 years. This mandate expands the scope of services already provided to Aegon AM by Citi, including custody, depositary, collateral, fund accounting and administration as well as transfer agency services.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Citi has extended the breadth of its middle office offering to include full Investment Book of Record (IBOR) services, trade management and settlement and performance measurement via Aladdin Accounting services. This transition marks a significant milestone in Citi&#39;s growing presence as an integrated service provider on BlackRock&#39;s Aladdin investment platform. It expands Citi’s Aladdin Provider model, both in scale and sophistication, with Investor Services now delivering an enhanced suite of services that includes full middle office, enhanced data management services and accounting and performance services.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Supporting these enhanced capabilities, Aegon AM’s Operations employees based in Budapest, Hungary have joined Citi Investor Services. These individuals are based at the bank&#39;s Citi Solutions Centre in Budapest, where they will continue to grow their careers in roles of comparable scope and responsibility and bring their valuable expertise to the Investor Services team.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The Citi Solutions Centre in Budapest is part of a global network of technology and operations hubs for Citi’s Investor Services business. In addition to Budapest, teams in India, Poland, the U.K., and the U.S. also support Citi&#39;s Aladdin Provider model for Aegon AM&#39;s entities in the U.K., U.S., and Netherlands.

</p><p xmlns="http://www.w3.org/1999/xhtml">
"This mandate significantly expands our relationship with Aegon AM and exemplifies our strategy to accelerate growth with asset managers globally by providing world class middle office services and technology," said Mike Hughes, Head of Fund Services at Citi Investor Services. "We warmly welcome our new colleagues to Citi as we build scale on Aladdin to support the world&#39;s largest and most complex asset managers, win new clients, and continue growing our business."

</p><p xmlns="http://www.w3.org/1999/xhtml">
Mike Tumilty, Global Chief Operating Officer at Aegon AM, said, "We are delighted to expand our longstanding partnership with Citi by leveraging their middle office services on our Aladdin platform. Following our successful implementation of Aladdin, working with Citi to operate our middle office on the Aladdin instance was a clear next step in our evolution towards a global, scalable, and efficient operating model. Our team in Budapest were integral to this journey, and we are pleased that they continue to support us, now as a client, while developing their careers with Citi."

</p><p xmlns="http://www.w3.org/1999/xhtml">
Citi Investor Services provides integrated solutions across Custody, Fund Services and Securities Finance, as well as cash, payments and liquidity capabilities to institutional investors globally. As of the second quarter of 2026, Citi Securities Services reported approximately US$35 trillion in Assets under Custody and Administration.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Citi:</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Additional information may be found at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.citigroup.com%2F&amp;esheet=54588387&amp;newsitemid=20260813033755&amp;lan=en-US&amp;anchor=www.citigroup.com&amp;index=1&amp;md5=dc9ce0f797c77a4f2449bdc9ab65b1cf" shape="rect">www.citigroup.com</a> &#x7C; X: <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2FCiti&amp;esheet=54588387&amp;newsitemid=20260813033755&amp;lan=en-US&amp;anchor=%40Citi&amp;index=2&amp;md5=6aef62c5a43f7f6cf99093d16c945f27" shape="rect">@Citi</a> &#x7C; LinkedIn: <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fciti&amp;esheet=54588387&amp;newsitemid=20260813033755&amp;lan=en-US&amp;anchor=www.linkedin.com%2Fcompany%2Fciti&amp;index=3&amp;md5=b2e4a0d62f1c625c7d210aa7947a3403" shape="rect">www.linkedin.com/company/citi</a> &#x7C; YouTube: <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.youtube.com%2Fciti%257C&amp;esheet=54588387&amp;newsitemid=20260813033755&amp;lan=en-US&amp;anchor=www.youtube.com%2Fciti&amp;index=4&amp;md5=5fb416a02728c6849321041c36a39a2d" shape="rect">www.youtube.com/citi</a> &#x7C; Facebook: <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.facebook.com%2Fciti&amp;esheet=54588387&amp;newsitemid=20260813033755&amp;lan=en-US&amp;anchor=www.facebook.com%2Fciti&amp;index=5&amp;md5=908fb25e6350cdcd35795a154e131889" shape="rect">www.facebook.com/citi</a>

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260813033755r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260813033755/en/" rel="nofollow">https://www.businesswire.com/news/home/20260813033755/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Media Contact: 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Harsha Jethnani
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:harsha.jethnani@citi.com" shape="rect">harsha.jethnani@citi.com</a>

</p>

Citi Investor Services Wins US$380 Billion Middle Office Mandate from Aegon Asset Management

Citi Investor Services secures $380B Aegon AM mandate, expands Aladdin footprint

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>As Citi realizes opportunities with asset managers globally, the mandate underscores Citi’s ambitions to scale growth on Aladdin


Highlights:



Citi Investor Services has won a US$380 billion mandate from Aegon Asset</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Citi Investor Services won a $380 billion mandate from Aegon Asset Management, extending a 20-year relationship and broadening middle-office coverage. The deal adds IBOR, trade management, settlement, and performance services on Aladdin, with Budapest-based staff joining Citi Solutions Centre. The move signals Citi’s potential for revenue growth through expanded asset-manager outsourcing.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Citi Investor Services wins US$380B mandate from Aegon Asset Management.</li><li>Expands IBOR, trade management, settlement, and performance via Aladdin Accounting.</li><li>Budapest staff transfer to Citi Solutions Centre to support growth.</li><li>Citi Securities Services now oversees ~US$35T AUC/Administration as of Q2 2026.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Citi (C)</strong>: Wins a large middle-office mandate; expands Aladdin integration and global investor services scale.</li><li><strong>Aegon Asset Management (N/A)</strong>: Key client; 20-year relationship; expanding use of Citi&#039;s middle-office on Aladdin.</li><li><strong>BlackRock (BLK)</strong>: Aladdin platform owner; expansion signals deeper Citi participation on Aladdin ecosystem.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>Category: Corporate Developments. It reflects a strategic client win and expanded service scope (Aladdin-enabled middle office), signaling potential near-term revenue uplift and stronger competitive positioning in asset-manager outsourcing.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Citi&#039;s $380B AUM mandate expands Aladdin provider footprint, potential revenue uplift.</li><li>Expanded IBOR and middle-office services may boost Citi&#039;s fee-based revenue.</li><li>Budapest staff transfer signals near-term integration and cost synergies.</li><li>Citi Securities Services&#039; AUC/Administration reach ~US$35T as of Q2 2026.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>$380 billion Assets Under Management mandate from Aegon Asset Management.</li><li>Contract extends a 20-year relationship.</li><li>Expanded services include IBOR, trade management, settlement, and performance via Aladdin Accounting.</li><li>Budapest operations employees moved to Citi Solutions Centre.</li><li>Citi Securities Services reported about $35 trillion AUC/Administration as of Q2 2026.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish over 3–6 months as Aladdin expansion drives incremental fee growth with large asset managers.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">As Citi realizes opportunities with asset managers globally, the mandate underscores Citi’s ambitions to scale growth on Aladdin</i>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Highlights:</b>

</p><ul xmlns="http://www.w3.org/1999/xhtml" class="bwlistdisc">
<li xmlns="http://www.w3.org/1999/xhtml">
Citi Investor Services has won a US$380 billion mandate from Aegon Asset Management, expanding a 20-year relationship and underscoring its strategy to realize opportunities with asset managers globally

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
Citi has extended the breadth of its middle office offering to include full Investment Book of Record (IBOR) services, trade management and settlement and performance measurement via Aladdin Accounting services

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
To support these enhanced capabilities, Aegon Asset Management&#39;s operations employees based in Budapest, Hungary have transferred to the Citi Solutions Centre in Budapest, bringing valuable expertise and continuing to grow their careers within Investor Services

</li>
</ul><p xmlns="http://www.w3.org/1999/xhtml">
Citi Investor Services has been awarded a full middle office mandate by Aegon Asset Management (Aegon AM), covering US$380 billion in Assets under Management and extending a long-term relationship with a key client of 20 years. This mandate expands the scope of services already provided to Aegon AM by Citi, including custody, depositary, collateral, fund accounting and administration as well as transfer agency services.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Citi has extended the breadth of its middle office offering to include full Investment Book of Record (IBOR) services, trade management and settlement and performance measurement via Aladdin Accounting services. This transition marks a significant milestone in Citi&#39;s growing presence as an integrated service provider on BlackRock&#39;s Aladdin investment platform. It expands Citi’s Aladdin Provider model, both in scale and sophistication, with Investor Services now delivering an enhanced suite of services that includes full middle office, enhanced data management services and accounting and performance services.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Supporting these enhanced capabilities, Aegon AM’s Operations employees based in Budapest, Hungary have joined Citi Investor Services. These individuals are based at the bank&#39;s Citi Solutions Centre in Budapest, where they will continue to grow their careers in roles of comparable scope and responsibility and bring their valuable expertise to the Investor Services team.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The Citi Solutions Centre in Budapest is part of a global network of technology and operations hubs for Citi’s Investor Services business. In addition to Budapest, teams in India, Poland, the U.K., and the U.S. also support Citi&#39;s Aladdin Provider model for Aegon AM&#39;s entities in the U.K., U.S., and Netherlands.

</p><p xmlns="http://www.w3.org/1999/xhtml">
"This mandate significantly expands our relationship with Aegon AM and exemplifies our strategy to accelerate growth with asset managers globally by providing world class middle office services and technology," said Mike Hughes, Head of Fund Services at Citi Investor Services. "We warmly welcome our new colleagues to Citi as we build scale on Aladdin to support the world&#39;s largest and most complex asset managers, win new clients, and continue growing our business."

</p><p xmlns="http://www.w3.org/1999/xhtml">
Mike Tumilty, Global Chief Operating Officer at Aegon AM, said, "We are delighted to expand our longstanding partnership with Citi by leveraging their middle office services on our Aladdin platform. Following our successful implementation of Aladdin, working with Citi to operate our middle office on the Aladdin instance was a clear next step in our evolution towards a global, scalable, and efficient operating model. Our team in Budapest were integral to this journey, and we are pleased that they continue to support us, now as a client, while developing their careers with Citi."

</p><p xmlns="http://www.w3.org/1999/xhtml">
Citi Investor Services provides integrated solutions across Custody, Fund Services and Securities Finance, as well as cash, payments and liquidity capabilities to institutional investors globally. As of the second quarter of 2026, Citi Securities Services reported approximately US$35 trillion in Assets under Custody and Administration.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Citi:</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Additional information may be found at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.citigroup.com%2F&amp;esheet=54588387&amp;newsitemid=20260813033755&amp;lan=en-US&amp;anchor=www.citigroup.com&amp;index=1&amp;md5=dc9ce0f797c77a4f2449bdc9ab65b1cf" shape="rect">www.citigroup.com</a> &#x7C; X: <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2FCiti&amp;esheet=54588387&amp;newsitemid=20260813033755&amp;lan=en-US&amp;anchor=%40Citi&amp;index=2&amp;md5=6aef62c5a43f7f6cf99093d16c945f27" shape="rect">@Citi</a> &#x7C; LinkedIn: <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fciti&amp;esheet=54588387&amp;newsitemid=20260813033755&amp;lan=en-US&amp;anchor=www.linkedin.com%2Fcompany%2Fciti&amp;index=3&amp;md5=b2e4a0d62f1c625c7d210aa7947a3403" shape="rect">www.linkedin.com/company/citi</a> &#x7C; YouTube: <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.youtube.com%2Fciti%257C&amp;esheet=54588387&amp;newsitemid=20260813033755&amp;lan=en-US&amp;anchor=www.youtube.com%2Fciti&amp;index=4&amp;md5=5fb416a02728c6849321041c36a39a2d" shape="rect">www.youtube.com/citi</a> &#x7C; Facebook: <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.facebook.com%2Fciti&amp;esheet=54588387&amp;newsitemid=20260813033755&amp;lan=en-US&amp;anchor=www.facebook.com%2Fciti&amp;index=5&amp;md5=908fb25e6350cdcd35795a154e131889" shape="rect">www.facebook.com/citi</a>

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260813033755r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260813033755/en/" rel="nofollow">https://www.businesswire.com/news/home/20260813033755/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Media Contact: 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Harsha Jethnani
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:harsha.jethnani@citi.com" shape="rect">harsha.jethnani@citi.com</a>

</p>

Citi Investor Services won a $380 billion mandate from Aegon Asset Management, extending a 20-year relationship and broadening middle-office coverage. The deal adds IBOR, trade management, settlement, and performance services on Aladdin, with Budapest-based staff joining Citi Solutions Centre. The move signals Citi’s potential for revenue growth through expanded asset-manager outsourcing.

News insight

Citi Investor Services Wins US$380 Billion Middle Office Mandate from Aegon Asset Management

AI summary

Sentiment rationale

Key facts

Corporate Developments