Mirae Asset has selected Citi to provide fund administration, custody and index receipt services for a new ETF platform in the US under the Horizons brand.
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The first ETF, the Horizons S&P 500(R) Covered Call ETF (HSPX), has been launched on 24 June 2013 and a series of sector ETFs are expected to be launched as follow up.
Citi stated that it will provide services based on its investment services platform, Citi OpenInvestor. Currently, the investment services platform provides services to 11 ETF managers in nine countries around the world.
Chandresh Iyer, managing director of Citi Investor Services, said: "We are pleased to expand our global relationship with Mirae Asset and support them in the launch of their first ETF in the US.
"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," added Iyer.
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