Citi has extended its partnership with Mirae Asset Global Investments to provide securities and fund services in support of Mirae’s existing six Mirae Asset Discovery Funds and the additional funds it will add to the family.   To accomplish this, Citi created a custom solution of global custody, fund administration and middle-office operations to enable Mirae to launch new funds without significant investment in operations infrastructure.   “Mirae is a great client of Citi. We have had a relationship with them for years, going back to our global custody services starting in 2006 for Mirae’s Korean-domiciled funds and subsequent fund accounting for its Luxembourg SICAV and Brazil-domiciled products,” said Bob Wallace, North American head of Citi’s securities and fund services. “Mirae is looking to become a major player in the major markets and recognizes in Citi the resources to accomplish that.”   As to additional demand for custom solutions among other clients, Wallace said, “Since 2004, we have been focused on middle-office solutions. That is the core of the custom solution. Post economic crisis, we have seen a lot of mandates and RFPs for middle-office services, and we are very confident that we are well-positioned with our global platform and modular, open architecture to serve managers looking to expand and/or reduce their operational costs.”   Neeraj Sahai, global head of securities and fund services at Citi, added: “We were able to quickly prepare for Mirae Asset’s roll out in New York because we had the implementation, technology and operations resources available to support Mirae asset in all of their operating locations. We were able to help Mirae Asset ensure a consistent service globally and help them connect their geographically dispersed offices.”   Citigroup’s Global Transaction Services supports more than 65,000 clients and has $13 trillion in assets under custody.

 

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