GIC takes minority stake in asset servicer Citco

Citco, a global asset servicer, has entered a strategic partnership with GIC, with the Singapore sovereign wealth fund taking a minority stake in the company. The founding Smeets family will retain majority ownership. The partnership aims to bolster Citco’s growth through continued investments in technology and client solutions across its USD2tr assets under administration. GIC’s investment aligns with its strategy to back family-owned businesses poised for global expansion. Citco, which operates in 36 countries, offers a full suite of asset-servicing solutions, including NAV calculations, treasury services, and regulatory reporting. The deal underscores GIC’s focus on long-term partnerships across private markets, as it continues to build a global portfolio spanning equities, real estate, infrastructure, and private equity.