Citi mandated for Mirae/Horizons ETF 19 July 2013New York Reporter: Georgina Lavers
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Citi has been mandated by Mirae Asset to provide fund administration, custody and index receipt services for a new ETF platform in the US under the Horizons brand.
The first ETF, the Horizons S&P 500 Covered Call ETF launched on 24 June of this year and will be followed by a series of sector ETFs.
Taeyong Lee, the president of Mirae Asset Global Investments’ global business unit, said that the firm’s long-standing relationship with Citi helped in the decision.
“…We knew we could rely on their expertise and global model to provide valuable insight across transactional services and trading.”
“We are pleased to expand our global relationship with Mirae Asset and support them in the launch of their first ETF in the US,” said Chandresh Iyer, managing director of Citi Investor Services.
“Our ETF servicing solution for Mirae Asset is a testimonial to the power of Citi’s global network and expertise for global asset managers seeking to expand their product and geographic footprint.”
Horizons ETFs Management LLC, the Canada-based ETF issuer, launched its first US-listed exchange-traded fund, an S&P 500 ETF with a covered-call overlay, in June.
The fund joined three similar strategies already on the US market, but was the cheapest in class.
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