Australian fund manager BetaShares has appointed Citi Australia to provide its custody and fund administration services. BetaShares manages the broadest range of ETFs in the Australian market.
“We are thrilled to partner with BetaShares, one of Australia’s largest and most innovative ETF managers. With over $21 billion in assets under management, they are a leader in the category and we look forward to working with them as they expand their market presence and grow their product suite for investors,” said Luke Randell, head of markets and securities services, at Citi Australia.
According to Citi, ETF providers have a unique set of needs, different to that of other fund managers. ETF ownership has evolved in recent years, broadening beyond the retail and self-managed super fund segment to include increased participation by institutional clients, and greater ownership through self-managed accounts and model portfolios. Citi has been growing its ETF management suite across markets globally to meet this demand.
“It is Citi’s goal to support ETF providers through their entire lifecycle, from market-making to execution, administration to reporting. We have designed a fully integrated front-to-back-office service model to support BetaShares,” added Randell.
BetaShares CEO Alex Vynokur commented: “Citi is uniquely placed to assist us to execute on our plans to expand our suite of investment solutions for our growing investor base. We are confident in Citi’s ability to provide the required operational support towards our efforts to continually improve the experience for our investors.”
