Citigroup wins Fiducian property mandate

Citigroup Asset Managementhas been awarded a $13 million listed properties mandate byFiducian Portfolio Servicesvia its fund-of-fund offering Fiducian Property Securities Fund.

Fiducian also selected Citigroup Asset Management as a property manager for its discretionary master funds product, the Fiducian Collection.

According to Fiducian, Citigroup Asset Management was chosen because its investment style and process suited Fiducian’s clients and it blended well with other property managers.

Further, its investment team is well established and has been able to achieve healthy returns without taking excessive risks.

Citigroup Asset Management’s investment models take a long-term view in both forecasting and distributions, building detailed valuation models for every security in the investment universe to help calculate expected returns.

While the mandate is smaller than past wins, Citigroup Asset Management’s head of retail Stephen Robertson says it is consistant with the fund manager’s retail strategy.

“Our strategy is to offer high quality product to financial planners but to offer them through master trusts and wrap accounts,” he says.

Citigroup Asset Management was renamed from Salomon Smith Barney Asset Management in June last year. Aggregated global assets under management total $810 billion with $760 million of that coming from master trusts and wrap accounts.