BetaShares partners with Citi
Citi Australia has been appointed by leading exchange traded fund (ETF) provider BetaShares as its provider of custody and fund administration services.
Citi had grown its ETF management suite across markets globally to meet the unique set of needs ETF providers had.
“ETF providers have a unique set of needs, different to that of other fund managers,” it said.
“ETF ownership has evolved in recent years, broadening beyond the retail and self-managed superannuation fund segment to include increased participation by institutional clients, and greater ownership through self managed accounts and model portfolios.”
Luke Randell, Citi Australia head of markets and securities services, said: “We are thrilled to partner with BetaShares, one of Australia’s largest and most innovative ETF managers.
“With over $21 billion in assets under management, they are a leader in the category and we look forward to working with them as they expand their market presence and grow their product suite for investors.
“It is Citi’s goal to support ETF providers through their entire lifecycle, from market-making to execution, administration to reporting. We have designed a fully integrated front to back office service model to support BetaShares.”
Alex Vynokur, BetaShares chief executive, said: “Citi is uniquely placed to assist us to execute on our plans to expand our suite of investment solutions for our growing investor base.
“We are confident in Citi’s ability to provide the required operational support towards our efforts to continually improve the experience for our investors.”
Debbie Bennett, BetaShares chief operating officer, said: “We are delighted to be partnering with Citi for custody and investment administration services as we continue to grow our business across a wide range of asset classes and investment exposures”.
The announcement came as Citi’s custody and fund services business continued growth across the Asia Pacific as Citi Australia welcomed 24 new clients in the past 18 months.
These clients were primarily transitioning to Citi following a client transfer agreement with Royal Bank of Canada (RBC) in 2020.
Citi Securities Services had over $30 trillion of assets under custody and administration and a proprietary network that panned 60 markets.
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