Citco secures powerful backer in global investment firm

Citco, a network of independent companies that provide asset-servicing solutions to the global alternative investment industry, has entered a long-term strategic partnership with a large institutional investor.

Citco, which has over US$2 trillion in assets under administration and operates across more than 30 countries, has partnered with Singapore's sovereign wealth fund GIC.

GIC has taken a minority stake it Citco, while the founding Smeets Family retains its majority ownership.

GIC managing director Girish Karira said Citco has organically grown into a global market-leading asset servicing business, delivering value to investors like GIC for over 50 years.

"Our investment aligns squarely with GIC's commitment to building long-lasting partnerships that empower family-owned businesses to thrive," Karira said.

"With a combination of client-centric solutions and savvy technological investments Citco is at the forefront of their industry. We look forward to partnering with Citco and the Smeets family as we embark on this new chapter together."

Citco president and chief operations officer Roald Smeets, meanwhile, expressed confidence in the strategic relationship with GIC.

"Their industry perspective and long-term approach to investing, paired with Citco's client-driven solutions and culture of innovation, will enable us to continue to drive scalability for our clients - cementing our position as our client's foundation for growth," Smeets said.

GIC describes itself as a long-term, disciplined investor, deploying capital across a range of asset classes and active strategies. The firm said its "developed strong relationships" and invests with family offices, family-owned businesses/entrepreneurs, corporates, and individuals with specific expertise such as independent sponsors.

GIC was last covered by Financial Standard when its chief investment officer Jeffrey Jaensubhakij was mooted to depart from the role after nearly three decades.

He has since transitioned into an advisory role within the organisation.