Citi announced on Tuesday it has teamed up with fintech firm Sharegain to launch an automated securities lending solution specifically for wealth managers. Citi reported that through the solution, wealth managers may deliver a securities lending program to their customers, giving them the opportunity to earn additional revenue on their stocks, bonds and ETFs, without developing an internal program from scratch.
“The new securities lending solution is designed to integrate with wealth managers’ existing IT infrastructure. It provides a fully digital user experience for underlying customers, from opting in to the program through to managing their lending.”
Speaking about the solution, Stuart Jarvis, EMEA head of Agency Securities Lending at Citi, stated:
“Securities lending is a well-established practice among institutional investors, but one that most private investors have been unable to benefit from. That’s why our clients are demanding a tailored, automated securities lending service they can offer to their end customers.”
Chris Cox, Global Head of Data and Digitization and EMEA Head of Securities Services at Citi, further commented:
“In a world where new technologies are transforming the way we do business, Citi is embracing innovative ideas to deliver new services to our clients. Partnering with Sharegain allows us to provide a digital securities lending solution that is flexible, scalable and easily integrates with our clients’ existing systems.”
Citi went on to add that with trading desks in five countries covering 75 lending markets, Citi Agency Securities Lending has an extensive global presence that leverages its local expertise from over 60 proprietary custody branches.