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Citi and Sharegain are partnering to launch a "first-of-its-kind" fully-automated securities lending solution for the bank's wealth management custody clients.
Sharegain’s platform aims to offer private banks, asset managers and online brokers access to the securities lending market in a way previously exclusive to the largest institutional investors.
The new bespoke solution with Citi is designed to integrate with wealth managers’ existing IT infrastructure and provide a fully-digital user experience for underlying customers, from opting into the programme through to managing their lending, the partners explain in a statement.
The platform is fully developed and several clients are currently being onboarded.
The idea for an automated securities lending solution was born from Citi’s D10X programme, a strategic growth initiative that nurtures the development of business solutions.
A team of Citi entrepreneurs-in-residence tested, validated, and prototyped the product before vetting and selecting Sharegain.
The partnership also is part of a wider focus by Citi on developing its custody services, with a focus on expanding its securities lending product.
“It's our ambition to provide Citi custody clients with the world’s leading agency securities lending service,” says Stuart Jarvis, Citi’s head of agency securities lending for Europe, the Middle East and Africa. “Securities lending is a well-established practise 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.”
Citi Agency Securities Lending has trading desks in five countries covering 75 lending markets and leverages local expertise from more than 60 proprietary custody branches.
Boaz Yaari, CEO and founder of Sharegain, adds: “We are excited to work with Citi to bring this first-of-its-kind solution to their clients and to set a new standard for our industry.”
“This collaboration is a testament to the power of Sharegain’s solution and its potential to democratise securities lending.”
