BlackRock has expanded its custody and fund administration mandate with Citi in Latin America. The asset manager appointed Citi to support the launch of its two new exchange-traded funds (ETFs) in Brazil and broadened its mandate in Mexico to cover the conversion of an ETF product.
Armando Senra, head of the Latin America & Iberia Region at BlackRock, says the asset manager has a long-standing relationship with Citi and expanded the mandates with Citi because it offers efficient access to Latin American markets. With Citis knowledge of the specialized needs of ETFs and local market infrastructure and global expertise, we are able to spend more time with our clients and at growing our business, Senra says.
Citi says it has more than $8 billion in assets under custody in Latin America and retains an 80% market share of regional ETF services.
Over the last few years Citi has concentrated on further enhancing our global support for exchange-traded funds, says Alejandro Berney, head of Securities and Fund Services for Latin America at Citi. By joining our specialized ETF knowledge, local market infrastructure and global expertise, we are pleased that we have been able to deliver solutions to our trusted partners. We are dedicated to continuously ensuring we remain on the frontier of delivering market innovation to our partners.
Citi OpenInvestor services 11 ETF managers in nine markets around the world offering custody, administration, index receipt agent, liquidity, depositary receipts and trading services for active and passive ETFs.
(CG)