Citi will provide custody and fund administration services to the global investment manager in Australia.
Mirae Asset Global Investments has selected Citi Australia as the provider of custody and fund administration services for its Australian traditional fund business.
The global investment manager, with more than $305 billion in assets under management, said the appointment would support its expansion in the Australian market across passive and active investment solutions and help grow its investor base.
“We are delighted to partner with a highly experienced partner such as Citi as we strategically look at growth in Australia,” said Mirae Asset Australia CEO Kris Walesby.
“Mirae Asset Global Investments works closely with Citi in a number of markets globally, and we look forward to their support and enhanced infrastructure further enabling us to provide a quality experience for current and future investors in Australia.”
Citi Securities Services currently has over $30 trillion of assets under custody and administration across more than 60 markets.
The firm said it had expanded its presence in Australia and increased the investment in its platform and people in recent years, providing clients with local market expertise, innovative post-trade technologies, customised data solutions and a range of custody and fund services.
“Having Mirae Asset Global Investments select Citi for their custody and fund administration needs is a validation of those efforts and we are honoured to be able to work with Mirae Asset Global Investments in Australia as we already do in a number of geographies,” said Citi’s head of securities services in Australia, Martin Carpenter.
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.
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