Citi Securities Services’ ETF Services business has onboarded 23 new exchange-traded funds (ETFs), with approximately US$9 billion in assets in North America. The book is comprised of both transparent and non-transparent ETFs.
The mandate further expands Citi’s relationship with Nuveen, an existing markets client. Its parent company, TIAA, is supported by Securities Services and Treasury and Trade Solutions.
Peggy Vena, head of ETF services for Citi Securities Services, said: “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.”
Leveraging Citi’s 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).
Citi ETF Services supports 12 markets as the business continues to expand. From 2021 to 2023, Citi added US$425 billion in ETF assets under administration.
BlackRock predicts that global ETF assets are set to reach US$14 trillion by the end of 2024, having hit US$12 trillion in 2023.
Earlier this year, Citi added FIX API connectivity to its ACES platform to benefit clients and market participants in a T+1 environment. The ETF Services business was also appointed to support the first covered call ETFs listed in Hong Kong.
Citi Securities Services has approximately US$24 trillion in assets under custody and administration.
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