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(February-2002) CitiStreet opens Oz shop
The world’s second largest service provider to retirement plans, CitiStreet, has taken its first expansion steps out of the United States by opening up shop in Australia.
Formed in April 2000, CitiStreet is jointly owned by State Street Corporation and Citigroup, and combines their retirement plan administration and services businesses. Headquartered in Quincy, Massachusetts, it serves about 6.5 million plan participants and administers about US$200 billion ($385 billion) in assets.
To bolster its offering in Australia, CitiStreet has bought the back-office administration business of the Australian unit of SunGard Employee Benefit Systems (SEBS).
Because of this, CitiStreet opens its doors in Australia as the third largest administrator of industry funds. Its clients — SunSuper, ASSET Super, Deutsche Bank’s DirectChoice and the Non-Government Schools Superannuation Fund — were previously clients of SunGard, and together have 800,000 members and assets of $4.5 billion.
Gary Cox, the SEBS Asia Pacific managing director, becomes managing director of CitiStreet Australia.
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