The ETF market has quickly emerged as a key battleground for custodians and fund administration to win new clients and mandates.
The growth rate in the European ETF market outstripped the US for the first time.
The bundled service includes fund administration, depositary and custody services to the new ETF platform.
The ROBO Global Robotics and Automation Index ETF has seen its assets double in the last five months to reach over $2 billion.
The results mark a good first year for new chief executive officer Lieve Mostrey, who took over on 1 January last year.
The ETF market has become a target for BNY Mellon as it looks to compete with State Street as the top ETF asset servicing provider
Citi’s plans to go live with a fund administration service for European exchange traded funds (ETF) in 2018.
The issues raised by the US securities regulator focused largely on investor protection.
Citi has provided custody and fund administration services for ETFs in the US, Latin America and Asia for a number of years, but has only recently made a push in the space in Europe.
The BNY Mellon CEO said it needs to improve services for ETFs to keep up with rival custodians in the segment.