Citi Launches ETF Services in Asia Pacific
Hong Kong - August 4, 2011 – Citi has set up a new business to service the fast-developing Exchange Traded Fund (ETF) market in Asia. The new business, Citi ETF Services, will cover the Asia Pacific region - the fastest growing region for ETFs - and will provide a single channel for clients looking to launch ETFs within the region.
By leveraging the bank’s market-leading Global Transaction Services and Global Markets business units, the new business will create integrated solutions for ETF issuers, combining market making, seed capital, administration, custody and accounting offering end-to-end servicing for ETF issuers.
Citi ETF Services in Asia Pacific will be co-headed by Bob Simon and Jeff McCarthy, two of the industry’s most experienced practitioners. Bob is currently Program Trading Head for Citi Global Markets, Hong Kong, and Jeff is currently Global Head of ETF Products under GTS’s Securities and Fund Services in New York. Both will maintain these existing roles and will jointly report to David Russell, Head of Securities and Fund Services for Citi in Asia Pacific, and Richard Heyes, Head of Equities for Pan Asia.
"ETFs are one of the most exciting and fastest-growing financial products globally. This trend has firmly arrived in Asia Pacific. The combination of our GTS and Markets services to create an end-to-end offering is what ETF issuers have been looking for, and we are delighted to be the first bank to create such an integrated offering," said David Russell.
"ETFs are showing impressive growth across many markets in the region. More innovative ETF variations allow investors to readily pursue short or leverage strategies or mimic active management styles. The provision of an end-to-end solution is what can truly differentiate Citi from our competitors," said Richard Heyes.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. 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.