Investment manager Mirae Asset Global Investments has appointed Citi Australia to provide custody and fund administration services for its Australian traditional fund business.
The Hong Kong-headquartered asset manager currently has over AUD 305 billion in assets under management and already leans on Citi for custody and fund services for other products and regions.
“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,” said Kris Walesby, chief executive officer at Mirae Asset Australia.
Mirae Asset’s extended partnership with Citi will enable the asset manager to expand its products across both passive and active investment solutions, as well as helping grow the company’s investor base.
“We have expanded our presence in Australia as well as increasing investment in our people and overall platform in the last couple of years,” said Martin Carpenter, head of securities services, Citi Australia.
“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.”
Earlier this year Mirae Asset Global Investments appointed Citi as the custodian and fund services provider for the launch of two exchange traded funds (ETFs) under Hong Kong’s open-ended fund company (OFC) structure.
Citi’s services included portfolio composition file (PCF) creation, allowing relevant investors to view the composition of Mirae’s ETFs in terms of securities and cash components on each dealing day.
In addition, Citi provided the use of its proprietary Advanced Citi ETF System (ACES) enabling participating dealers to place creation and redemption orders online for Citi-administered ETFs.