Citi has been awarded the mandate to provide ETF services for the full fund range of FinEx ETF, Russia's first and leading exchange-traded fund issuer. Under the agreement, Citi will service FinEx's 13 ETFs representing $600 million in assets. Citi will provide a full range of services across custody, fund administration and basket services, as well as distribution support through Citi affiliates.
"We are proud to have been selected by FinEx as their ETF services provider," said Gareth Myburgh, EMEA ETF Services Product Manager at Citi. "We believe Citi's differentiated, holistic approach to ETF servicing in conjunction with our broad range of capabilities across markets and securities services offers clients something unique, particularly as we have no affiliated asset management or ETF issuing arm."
"We chose Citi as our ETF services provider because of their ability to support our diverse international fund range across the full ETF ecosystem," said Martin Bednall, Managing Director at FinEx. "We are certain that such a global partner as Citi will be beneficial for our clients who are expecting the highest standards of investor protection. Our ETF platform allows for a seamless upgrade of ETF services provider."
Last year Citi announced the expansion of its global ETF custody and administration platform into EMEA with the rollout of its ACES (Advanced Citi ETF System) technology that allows Citi to automate the full ETF life cycle from basket creation to order processing and settlement. FinEx will be the first EMEA-based client to benefit from Citi's state-of-the-art technology, joining a growing list of international ETF issuers, both new and established, in choosing Citi. ACES complements Citi's market-leading ETF common depository and paying agent offering for Euroclear and Clearstream which supports the international central securities depository model for ETFs.
With over $23.6 trillion1 of assets under custody and administration and the industry-leading proprietary network spanning over 60 markets, Citi Securities Services provides clients with in-depth local market expertise, advanced processing technologies and a wide range of custody and fund services that can be tailored to meet clients' needs.
1 As of Q2 2020.
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. Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
About FinEx ETF
FinEx ETF is a wholly-owned subsidiary of the FinEx Group, which is an investment management company that offers a full spectrum of investment solutions including hedge funds, private equity investments and Exchange Traded Funds. FinEx ETF provides index-linked investment opportunities managed under Irish law in Russian Corporate Eurobonds, Russian-local equities, Developed and Emerging Market Equities, Gold and the only available Kazakhstan Equity fund. The funds are available on the Moscow Exchange, London Stock Exchange and NYSE Euronext (Amsterdam and Dublin). FinEx ETF has a specialist focus on both investments and investors in emerging markets. The funds are managed by FinEx Investment Management LLP which is authorised and regulated in the UK by the Financial Conduct Authority.