Citigroup puts CC’s advisory role out to tender

Citigroup Global Transaction Services (GTS) is targeting the lucrative business process outsourcing (BPO) market and is set to launch its first specialised legal panel.

Clifford Chance advised GTS on its first major outsourcing deal last November and hopes to keep its position as the pre-eminent adviser.

Citigroup has invited a number of firms to challenge Clifford Chance’s monopoly.

Clifford Chance IT partner David Griffith advised GTS when it won preferred services provider status from Standard Life Investments. The deal saw Citigroup provide fund administration, custody and related services to Standard Life, with 80 Standard life staff transferring to Citigroup.

The panel will be attractive to outsourcing specialists such as Allen & Overy, which has carved a niche for itself in the booming BPO market.