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Citi Securities Services wins ETF mandate from asset manager Nuveen

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Winning a new mandate from asset manager Nuveen, Citi Securities Services’ ETF Services business writes that it has onboarded 23 new ETFs with approximately USD9 billion in assets in North America. The book is comprised of both transparent and non-transparent ETFs.

The mandate further expands Citi’s relationship with Nuveen, an existing Markets client. Its parent company, TIAA, is supported by Securities Services and Treasury and Trade Solutions. Leveraging the increasing connectivity across the bank’s various businesses, Citi writes that it is addressing client needs more holistically and across multiple areas.

“We are excited to further expand our relationship with Nuveen across Citi. With this mandate, we are committed to using our global network and fund accounting expertise to provide Nuveen with a seamless client experience as we continue to expand our ETF Services business globally,” says Peggy Vena, Head of ETF Services for Citi Securities Services.

Leveraging Citi’s global Advanced Citi ETF System (ACES), Nuveen will benefit from automated processing across the entire ETF lifecycle, from basket creation, order processing to settlements, and daily order management of positions via real-time updates in the Investment Book of Record (IBOR).

“As an existing client, we look forward to further partnering with Citi in support of our ETFs,” says Briton Ryan, Head of ETFs at Nuveen.

Citi ETF Services supports 12 markets as the business continues to expand. From 2021 to 2023, Citi added USD425 billion in ETF assets under administration.

Citi writes that it continues to make focused investments to enhance its ETF servicing capabilities to meet clients’ operating requirements and changes in the market landscape. Earlier this year, Citi added FIX API connectivity to its ACES platform to benefit clients and market participants in a T+1 environment. The ETF Services business was also appointed to support the first covered call ETFs listed in Hong Kong.

With a focus on enabling the investment process and approximately USD24 trillion in assets under custody and administration, Citi Securities Services writes that it goes beyond borders to holistically support securities activity wherever clients need them.

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