Citi and Sharegain are teaming up to launch a “first of its kind” fully automated securities lending solution for the bank’s wealth management clients.
Sharegain’s platform aims to provide private banks, asset managers and online brokers access to the securities lending market in a way previously exclusive to larger institutional investors.
The new bespoke solution with Citi is designed to integrate with the wealth managers’ existing IT infrastructure and deliver a fully digital user experience to underlying clients, from enrolling in the program to managing their loans, explain. the partners in a press release.
The platform is fully developed and several customers are currently being integrated.
The idea for an automated securities lending solution arose out of Citi’s D10X program, a strategic growth initiative that nurtures the development of business solutions.
A team of Citi contractors in residence tested, validated and prototyped the product before validating and selecting Sharegain.
The partnership is also part of Citi’s broader goal of growing its custodial services, with a focus on expanding its securities lending product.
“Our ambition is to provide custodial services to Citi clients with the world’s premier agency securities lending service,” said Stuart Jarvis, Citi’s Head of Agency Securities Lending for Europe , the Middle East and Africa. “Securities lending is a well established practice among institutional investors, but which most private investors have not been able to benefit from. That’s why our clients demand an automated and tailored securities lending service that they can provide to their end clients.
Citi Agency Securities Lending has trading offices in five countries covering 75 lending markets and draws on the local expertise of more than 60 proprietary custodial branches.
Boaz Yaari, CEO and Founder of Sharegain, adds, “We are delighted to be working with Citi to bring this one-of-a-kind solution to their customers and set a new standard for our industry.
“This collaboration is testament to the power of Sharegain’s solution and its potential to democratize securities lending.