Citi Appointed by Mirae Asset to Provide Fund Administration and Custody Services for its US-listed Exchange Traded Funds
New York, NY –Citi has been appointed by Mirae Asset to provide fund administration, custody and index receipt services for a new ETF platform in the US under the Horizons brand. The first ETF, the Horizons S&P 500® Covered Call ETF (“HSPX”) launched on June 24, 2013 and will be followed by a series of sector ETFs.
“We have a long-standing relationship with Citi and we knew we could rely on their expertise and global model to provide valuable insight across transactional services and trading,” said Taeyong Lee, President of Mirae Asset Global Investments’ Global Business Unit.
Citi OpenInvestorsm currently provides services to eleven ETF managers in nine countries around the world. Citi supports both active and passive ETFs across multiple asset classes, offering custody, administration, index receipt agent, liquidity, as well as primary and secondary market trading through Citigroup Global Markets Inc. Citi focuses on delivering solutions across the ETF manager’s complete value-chain: from drawing board to trading to IPO and back and middle office.
“We are pleased to expand our global relationship with Mirae Asset and support them in the launch of their first ETF in the US,” said Chandresh Iyer, Managing Director, Citi Investor Services. “Our ETF servicing solution for Mirae Asset is a testimonial to the power of Citi’s global network and expertise for global asset managers seeking to expand their product and geographic footprint.”
Citi OpenInvestorSM is the investment services solution for today’s diversified investor, combining specialized expertise, comprehensive capabilities and the power of Citi’s global network to help clients meet performance objectives across asset classes, strategies, and geographies. With an on-the-ground presence in over 95 countries, Citi offers award winning service and unmatched scale. Citi provides complete investment services for institutional, alternative, and wealth managers delivering middle office, fund services, custody, investing and financing solutions focused on clients’ specific challenges, customized to their individual needs.
About Mirae Asset Global Investments (www.MiraeAsset.com)
Mirae Asset Global Investments is a global investment management firm with offices located in Australia, Brazil, Canada, China, Colombia, Hong Kong, India, Korea, Taiwan, the United Kingdom, the United States and Vietnam. With approximately 560 employees, the firm manages over $57 billion in assets globally through a diversified platform to offer market-leading franchises in traditional equity and fixed income products, ETFs and alternative strategies, including real estate, private equity and hedge funds.
The Horizons ETFs Group (www.HorizonsETFs.com), serving as ETF business arm of Mirae Asset Global Investments, offer families of ETFs in Canada, Korea, Hong Kong, Australia, and the United States. With approximately $7 billion in assets under management and 180 ETF listings worldwide, the Horizons ETFs Group makes up one of the largest collective families of ETFs in the world.
Citi, the leading global bank, 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.
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