Citi appointed as Central Correspondent Agent for ComStage ETF in France
LONDON, PARIS, - May 25, 2010 – Citigroup's Global Transaction Services business today announced that it has been appointed by ComStage ETF SICAV, a UCITS compliant Umbrella Fund distributed and promoted by the German -based Commerzbank AG, to act as Central Correspondent Agent , for Exchange Traded Fund (ETF) instruments in France.
As per the regulation of the Authorite des Marches Financiers (AMF), the French regulator, non-French domiciled investment companies must appoint a locally-domiciled CCA for UCITS instruments in order to be able to distribute the UCITS in the French market. By acting as CCA for ComStage's Luxembourg based funds, Citi will perform the financial services such as supporting the distribution by disclosing fund-related documents in France.
Thibaud Renoult, Head of Public Distribution France, Commerzbank Corporates & Markets at ComStage, said "In choosing Citi, we are gaining access to their high caliber expertise, global footprint and local knowledge. Citi was able to provide us with a solution that was flexible and matched the needs of our company".
"By continuing to cultivate and strengthen our Central Correspondent Agent services we are able to enhance our custody offering to clients, including banks, insurance companies, pension funds and asset managers, that are already established in Europe and looking to extend the distribution of their financial instruments to the French market", said Tom Isaac, Global Head of Client & Sales Management for Financial Intermediaries, Citi. "Responding quickly and efficiently to client demand is crucial for Citi to maintain a market leading position with world class execution".
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
About Global Transaction Services
Global Transaction Services, a division of Citigroup's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup's Global Transaction Services supports over 65,000 clients. As of the first quarter of 2010, it held on average $319 billion in liability balances and $11.8 trillion in assets under custody.