Citi Securities Services has won the ETF mandate from asset manager Nuveen.
As part of the mandate, Citi’s ETF business services has onboarded 23 new ETFs, with approximately US$9 billion in assets in North America.
The book includes both transparent and non-transparent ETFs.
Citi says the mandate further expands the company's relationship with Nuveen, an existing markets client. Through making use of the increasing connectivity of the bank’s various businesses, Citi aims to address client needs more holistically across multiple areas.
The company further states that by leveraging its global Advanced Citi ETF system (ACES), Nuveen will benefit from automated processing across the entire ETF lifecycle, from basket creation, order processing to settlements, and daily order management of positions via real-time updates in the Investment Book of Record (IBOR).
Peggy Vena, head of ETF services for Citi, says: "With this mandate, we are committed to using our global network and fund accounting expertise to provide Nuveen with a seamless client experience as we continue to expand our ETF services business globally.”
Briton Ryan, head of ETFs at Nuveen, comments: “As an existing client, we look forward to partnering with Citi in support of our ETFs.”
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