Citi has been appointed by Mirae Asset to provide fund administration, custody and index receipt services for a new exchange-traded fund platform in the US under the Horizons brand.
The first ETF, the Horizons S&P 500 Covered Call ETF (HSPX), launched on 24 June 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,” says Taeyong Lee, president of Mirae Asset Global Investments’ global business unit.
Citi OpenInvestor currently provides services to 11 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. 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,” says Chandresh Iyer (pictured), 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.”