Citi Extends Partnership With Mirae Asset Global Investments To Provide Securities And Fund Services To Support Launch Of The Mirae Asset Discovery Funds
New York, NY - June 2, 2011 – Citi today announced that it has extended its partnership with Mirae Asset Global Investments (USA), LLC ("Mirae Asset") to provide securities and fund services in support of the launch of the Mirae Asset Discovery Funds. Global asset management companies are distributing products in a growing number of domiciles and are seeking to create efficiencies that reduce the costs of duplicate operations. Responding to this need, Citi created a custom solution of global custody, fund administration and middle-office operations to enable Mirae Asset to launch new funds without significant investment in operations infrastructure.
This mandate extends Citi's partnership with Mirae Asset where it has provided global custody services to Mirae Asset's Korean-domiciled overseas funds since 2006, as well as providing global custody and fund accounting to its Luxembourg SICAV's and Brazil-domiciled products
"Citi's unique ability to provide an exceptional level of service to all of our firm's global locations makes it an ideal partner as our firm expands globally," said Jay (Hun Jun) Jang, President and CEO, Mirae Asset Global Investments (USA) LLC. "Citi's knowledge of our business as well as their local presence around the world allows us to enter new markets efficiently while optimizing in the capabilities of our investment operations staff and technology resources."
"We were able to quickly prepare for Mirae Asset's roll-out in New York because we had the implementation, technology and operations resources available to support Mirae Asset in all of their operating locations," says Neeraj Sahai, Global Head, Securities and Fund Services, Citi. "We were able to help Mirae Asset ensure a consistent service globally and help them connect their geographically dispersed offices."
Through its Securities and Fund Services business, Citi's industry-focused experts provide investors worldwide with tailored solutions delivered through proven global platforms that feature modular, open architecture. With $13 trillion of assets under custody and the industry's largest proprietary network, clients can leverage Citi's local market expertise and global reach to extract value across the entire investment value chain.
Global Transaction Services, a division of Citi'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 2011, it held on average $355 billion in liability balances and $13 trillion in assets under custody.
About Mirae Asset Global Investments (USA) LLC
Mirae Asset Global Investments is one of the world's largest investment managers in emerging market equities (source: Investment & Pensions Europe, 2011). With over 520 employees including more than 110 dedicated investment professionals, Mirae Asset portfolio management teams are located in Brazil, China, Hong Kong, India, Korea, the U.S. and Vietnam. Headquartered in Seoul, South Korea, the firm manages over $53 billion in assets globally, of which more than $29 billion is invested in emerging market equities (as of December 31, 2010). Mirae Asset Global Investments (USA) is focused on providing emerging market equity investment advisory services to mutual funds, foreign investment trusts and institutions. www.miraeasset.com
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through 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