NH Investment & Securities Co (NHI&S) has selected Citi Securities Services as its global custody provider.
The mandate is part of NHI&S’ effort to expand its business model to include trustee services for private investment funds in South Korea, an industry-first in the country.
NHI&S will first act as the trustee for private investment funds (with global markets exposure) specifically targeting Korean institutional clients, and will later expand its capabilities to offer trustee services for funds designed for Korean retail investors.
Founded in 1969, NHI&S, formerly Woori Investment & Securities Co, is one of South Korea’s largest securities firms.
Its recent decision to provide trustee services on offshore assets, makes it the first Korean broker-dealer to do so. Historically, these services were only offered by local Korean banks.
Hee-Youn Lee, Citi Securities Services head for South Korea, says: “Citi has had a presence in South Korea since 1967, and we have invested heavily in providing a full suite of services to our central depository, public sector, banks, asset managers, insurance and securities firm clients. We are honored that NHI&S, the first securities firm to provide trustee services on offshore assets in Korea, has chosen us to be their global custodian.”
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