Pioneer Global Asset Management has appointed Citigroup Global Securities Services as the global custodian and fund administrator for more than $30bn (€30.5bn).

The mandate covers assets from 42 Luxembourg-based funds. Angus Stening, executive vice-president of operations for Pioneer Investments, said: "After conducting an extensive due diligence process, we are delighted to have selected Citigroup for our global custody and funds administration."