CITI PARTNERS WITH MIRAE ASSET MANAGEMENT ON PROCESSING ENHANCEMENTS
HONG KONG - September 14, 2009 – Citi's Securities and Fund Services, a division of Global Transaction Services, has been mandated by South Korea's Mirae Asset Management to provide an array of fund services for its newly launched Luxembourg Sicav (Mirae Asset Global Discovery Fund). The landmark deal draws on the shared processing capabilities of Citi Securities and Fund Services Europe and Asia Pacific teams to successfully support Mirae Asset Management's expansion into new markets.
For Mirae Asset Management, Citi Luxembourg will serve as fund administrator, transfer agent and custodian for Mirae Asst Management's Luxembourg Sicav, which is now sold to institutional and retail investors in Hong Kong. Citi will also provide integrated sub-transfer agency, distributor support, paying agent services, transaction processing and reporting services through its Hong Kong-based operations team.
In addition to specific products and services, Mirae Asset Management will derive numerous benefits from partnering with Citi Securities and Fund Services. Mirae Asset Management will receive the comfort of local operational and relationship support. Additionally, by servicing the fund from Hong Kong, Citi Securities and Fund Services will securely cover any time zone issues and extend the operation window for the fund.
The deal is significant for both parties. The appointment as fund services provider reaffirms Citi's leading position in providing the most innovative and tailored solution sets in Asia Pacific, while drawing on the strength of our experience of servicing Luxembourg-based global funds. Additionally, the deal win remains consistent with Citi Securities and fund Services strategy of supporting the expansion of regional asset managers in developing global products in Asia Pacific.
By mandating Citi Securities and Fund Services, Mirae Asset Management can focus increased attention on its market expansion plans in the region and expanding the Luxembourg Sicav to additional Asia Pacific markets.
David Russell, Managing Director, Regional Head of Securities and Fund Services, Asia Pacific, Citi said: "As increasing numbers of Asia Pacific-based asset managers launch global products, Citi Securities and Funds Services is best positioned to support their expansion plans. Based on our footprint, innovation and understanding, we will confidently support the expansion ambitions of a Mirae Asset Management regionally and globally."
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, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.