Under the agreement, Citi will service FinEx’s 13 ETFs representing $600 million in assets as well as providing a full range of services across custody, fund administration and basket services, as well as distribution support through Citi affiliates.
Martin Bednall, managing director at FinEx explained: “We chose Citi as our ETF services provider because of their ability to support our diverse international fund range across the full ETF ecosystem.”
Bednall added: “We are certain that such a global partner as Citi will be beneficial for our clients who are expecting the highest standards of investor protection. Our ETF platform allows for a seamless upgrade of ETF services provider.”
Gareth Myburgh, Europe, Middle East and Africa, ETF services product manager at Citi, commented: “We are proud to have been selected by FinEx as their ETF services provider. We believe Citi’s differentiated, holistic approach to ETF servicing in conjunction with our broad range of capabilities across markets and securities services offers clients something unique, particularly as we have no affiliated asset management or ETF issuing arm.”