Citibank Worldwide Securities Services has been appointed custodian and trustee to Invesco's £5bn (€8.2bn) UK mutual fund assets, as well as retaining Perpetual's £8bn UK mutual fund assets.
The move coincides with Citibank's hire of Michael Hiard to head global securities lending. The arrival of the founder of London's first securities lending intermediary is seen by many as a sign that Citibank will revamp its securities lending business.