Citigroups Global Transaction Services business has been appointed by ComStage ETF SICAV, a UCITS compliant Umbrella Fund distributed and promoted by the German based Commerzbank AG, to act as Central Correspondent Agent , for Exchange Traded Fund (ETF) instruments in France.
As per the regulation of the Authorite des Marches Financiers (AMF), the French regulator, non-French domiciled investment companies must appoint a locally-domiciled CCA for UCITS instruments in order to be able to distribute the UCITS in the French market. By acting as CCA for ComStages Luxembourg based funds, Citi will perform the financial services such as supporting the distribution by disclosing fund-related documents in France.
Thibaud Renoult, Head of Public Distribution France, Commerzbank Corporates & Markets at ComStage, said In choosing Citi, we are gaining access to their high caliber expertise, global footprint and local knowledge. Citi was able to provide us with a solution that was flexible and matched the needs of our company.
By continuing to cultivate and strengthen our Central Correspondent Agent services we are able to enhance our custody offering to clients, including banks, insurance companies, pension funds and asset managers, that are already established in Europe and looking to extend the distribution of their financial instruments to the French market, said Tom Isaac, Global Head of Client & Sales Management for Financial Intermediaries, Citi. Responding quickly and efficiently to client demand is crucial for Citi to maintain a market leading position with world class execution.
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