Wegelin & Co, the venerable Swiss private bank, has appointed Citi’s Global Transaction Services business to provide a range of funds administration services and to take on board its Guernsey fund business that has been converted into a Wegelin Luxembourg vehicle.

Under the deal, Citi will provide funds administration to the St Gallen-based bank globally, with a mandate covering services such as performance measurement, compliance monitoring, investment administration and accounting, along with the safekeeping of assets. Wegelin & Co will also have full access to Citi’s whole suite of Securities Services capabilities, the US bank said in a statement.

"This new agreement signifies another milestone for Citi's commitment to the Investor Services business in Luxembourg. Clients like Wegelin & Co are extremely important to Citi and we will continue to act as their service partner and grow with them," said Andrew Gelb, head of Securities and Fund Services, EMEA, at Citi.

Citi’s announcement follows news that UK-based FF&P Asset Management, part of the Fleming Family & Partners Group which has its roots as a venerable multi-family office, has appointed Chicago-based Northern Trust to provide custody and fund administration services for around £1 billion ($1.6 billion) in assets.