ETFs
Citi Securities Services wins ETF mandate from asset manager Nuveen
The mandate includes the addition of 23 new ETFs worth approximately US$9 billion to Citi’s expanding ETF services business.
NEW YORK, June 28, 2024–(BUSINESS THREAD)–By winning a new mandate from asset manager Nuveen, Citi Securities Services’ ETF Services business has added 23 new ETFs with approximately $9 billion in assets in North America. The book is comprised of both transparent and non-transparent ETFs.
The mandate further expands Citi’s relationship with Nuveen, an existing Markets client. Its parent company, TIAA, is backed by Securities Services and Treasury and Trade Solutions. Leveraging growing connectivity across the bank’s businesses, Citi is meeting customer needs more holistically and across multiple areas.
“We are excited to further develop our relationship with Nuveen within Citi. With this mandate, we are committed to utilizing our global network and fund accounting expertise to provide Nuveen with a seamless client experience as we continue to grow our ETF services business globally,” said Peggy Vena, Head of ETF Services for Citi Securities Services.
Leveraging Citi’s global Advanced Citi ETF System (ACES), Nuveen will benefit from automated processing throughout the ETF lifecycle, from basket creation, order processing to settlements and daily position order management via real-time updates to the Investment Book of Record (IBOR).
“As an existing client, we look forward to continuing our partnership with Citi to support our ETFs,” said Ryan, head of ETFs at Nuveen.
Citi ETF Services supports 12 markets as the business continues to grow. From 2021 to 2023, Citi added $425 billion in ETF assets under administration.
Citi continues to make targeted investments to enhance its ETF services capabilities to meet client operational requirements and changes in the market landscape. Earlier this year, Citi added FIX API connectivity to its ACES platform to benefit clients and market participants in a T+1 environment. The ETF Services business was also appointed to support the first Hong Kong-listed covered call ETFs.
With a focus on enabling the investment process and approximately US$24 trillion1 in assets under custody and administration, Citi Securities Services reaches beyond borders to comprehensively support the securities business everywhere customers need us.
Our integrated suite of services, spanning custody, execution, funds and issuer services, as well as our advanced data capabilities, connects and serves clients across the entire commerce and trade ecosystem. investment. With a leading proprietary network and universal banking capabilities, we combine the right solutions to help grow our clients’ businesses into the future.
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About Citi
Citi is a premier banking partner for institutions with cross-border needs, a global leader in wealth management, and a popular personal bank in its home market, the United States. Citi operates in more than 180 countries and jurisdictions, providing businesses, governments, investors, institutions and individuals with a broad range of financial products and services.
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1 In the first quarter of 2024
View source version on businesswire.com: https://www.businesswire.com/news/home/20240628423258/en/
Contacts
Media Contact:
Harsha Jethnani
harda.jethnani@citi.com
+65 93830872