Citi has been appointed by Victory Capital to provide a full range of back- and middle-office services for exchange traded funds (ETFs).
The mandate will see Citi provide services including fund accounting and administration, custody and transfer agency for VictoryShares branded ETFs.
Victory Capital, an integrated multi-boutique asset management firm, holds approximately $55 billion in assets under management and advisement, as of the end of last year.
“We have a long-standing relationship with Citi and we knew we could rely on their expertise to seamlessly convert our ETF assets,” said Christopher Dyer, director of fund administration for Victory Capital.
“As we look to grow our next generation ETF platform, it was imperative that we partner with a firm who we view as a key strategic partner.”
The move follows Citi’s announcement earlier this month that it has realigned parts of its custody and fund services team with Pervaiz Panjwani becoming managing director and global funds services head for EMEA at Citi.
“We are very pleased to broaden our relationship with Victory Capital through the conversion of their VictoryShares ETFs,” said Dominic J. Crowe, head of product development and strategy for Citi custody and fund services.
“This mandate demonstrates Citi’s commitment to the ETF space as we continue to invest in our ETF talent and technology.”