Hong Kong – Citi announced today that it has been selected by CSOP Asset Management to provide Custody, Fund Administration and Trustee services for the launch of its first ETF (CSOP STAR 50 Index ETF) in the form of an OFC.
Citi was the first OFC ETF service provider in the market and has been providing Custody and Fund Administration services to OFC ETFs since the OFC regime was launched by Hong Kong's Securities and Futures Commission in July of 2018.
"We are extremely excited to be launching our first ever OFC ETF. Citi was a natural choice as a partner for custody and fund accounting services given that they remain the only custodian with the requisite experience and complete familiarity with such structures," said Ms. Chen Ding, Chief Executive Officer of CSOP Asset Management.
"We are proud to be selected to provide custody and fund accounting services for CSOP's first ever OFC ETF," said Julie Kerr, Citi's APAC Head of Custody and Fund Services. "CSOP is a valued client, and their entrusting this role to Citi is a great vote of confidence in our position as the custodian of choice for ETFs."
Citi's Securities Services provides services to over 150 ETFs for 24 issuers across the APAC region alone.
With over US$24.9 trillion1 of assets under custody and administration and the industry-leading proprietary network spanning over 60 markets, Citi Securities Services provides clients with in-depth local market expertise, advanced processing technologies and a wide range of custody and fund services that can be tailored to meet clients' needs.
1 As of Q3 2020
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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