Citi’s Securities and Fund Services, a division of Global Transaction Services, has been mandated by South Korea’s Mirae Asset Management to provide fund services for its newly launched Luxembourg Sicav (Mirae Asset Global Discovery Fund).
Reportedly, the deal draws on the shared processing capabilities of Citi Securities and Fund Services Europe and Asia Pacific teams to support Mirae Asset Management’s expansion into new markets. For Mirae Asset Management, Citi Luxembourg will serve as fund administrator, transfer agent and custodian for Mirae Asst Management’s Luxembourg Sicav, which is now sold to institutional and retail investors in Hong Kong. Citi will also provide integrated sub-transfer agency, distributor support, paying agent services, transaction processing and reporting services through its Hong Kong-based operations team.
Citi has said that in addition to specific products and services, Mirae Asset Management will derive numerous benefits from partnering with Citi Securities and Fund Services. Additionally, by servicing the fund from Hong Kong, Citi Securities and Fund Services will cover any time zone issues and extend the operation window for the fund.
David Russell, managing director, regional head of securities and fund services, Asia Pacific, Citi, said: "As increasing numbers of Asia Pacific-based asset managers launch global products, Citi Securities and Funds Services is best positioned to support their expansion plans. Based on our footprint, innovation and understanding, we will confidently support the expansion ambitions of a Mirae Asset Management regionally and globally.”
