Singlife Partners Citi and BlackRock expand end-to-end asset management capabilities

Homegrown financial services company Singlife has commissioned Citi and BlackRock Aladdin® to provide it with a comprehensive technology platform to unify and transform its asset management capabilities across all front, middle and back office offerings. Citi and BlackRock Aladdin® previously entered into an alliance to leverage Citi’s infrastructure and Aladdin’s technology platform to improve the entire securities services lifecycle for common clients. To date, Singlife is one of the alliance’s most significant mandates in Asia.

Singlife, a high-tech financial services company, is one of the largest and most innovative insurance companies in South East Asia, serving over one million customers in Singapore. Its integration with Citi and BlackRock Aladdin® will provide clients with complete portfolio management capabilities that increase efficiency, automate controls and ensure seamless data sharing.

In addition, it provides integration of internal and external portfolio management services with full attribution and full reconciliation of all investment and accounting records while ensuring sustainability and regulatory compliance. Singlife will also be able to use the BlackRock Aladdin® based platform to better calculate and continuously monitor risk exposure and optimize portfolio returns.

The selection of Citi and BlackRock Aladdin® was coordinated and led by Alpha FMC, a specialist asset management consultancy. The rigorous selection methodology began with a tender for 11 different front and back office partners, with a total of 28 different combinations evaluated. The final selection was under the direct control of Singlife’s senior management. Their assessment was based not only on the individual capabilities of Citi and BlackRock Aladdin®, but also on the overall strength of the partnership.

Kim Rosenkilde, Group Investment Director, Singlife, said: “Securing assets, improving internal processes and improving efficiency across the board are fundamental to enable us to better serve and focus on our customers. Our mission to always find the “best way” extends to our partnerships with Citi and BlackRock Aladdin®, which are recognized worldwide as the leading custody services providers and the industry’s leading portfolio management platform, respectively. We are delighted to be working with such trustworthy and strong partners who leverage their established service offerings to help us deliver the best investment experience for our valued clients at all stages of their investment journey.”

Akioshi Takeuchi, Head of BlackRock Solutions Asia-Pacific, said: “Customers need innovative solutions that enable them to respond quickly as we target increasingly uncertain markets. Single access to the vast amount of essential data and portfolio management technology is critical to helping our clients make better investment decisions. The expansion of our partnership with Citi to transform front to back office at Singlife highlights the importance all three firms place on meeting customer needs and changing the experience.”

Alvin Goh, Head of ASEAN Securities, Citi, said: “As one of the largest securities service providers in the world, with a strong presence in Asia, we are proud that Singlife has chosen them as its custodian. Their decision to use our middle office service demonstrates the strength of the Citi-BlackRock Aladdin® offering, which combines the know-how, experience and strength of two of the world’s most respected financial institutions.”