Mirae Asset selects Citi as custodian
Korean asset manager Mirae Asset Global Investments has appointed Citi Australia as its provider of custody and fund administration services for its Australian traditional fund business.
Earlier this year, Mirae appointed former ETF Securities chief executive Kris Walesby as chief executive of its new Australian team.
Walesby said he was delighted to partner with Citi toward its strategy of growth in the Australian market.
“Mirae Asset Global Investments works closely with Citi in a number of markets globally, and we look forward to their support and enhanced infrastructure further enabling us to provide a quality experience for current and future investors in Australia,” he said.
Oliver Reynolds, chief operating officer, Mirae Asset Australia said: “We are expanding in Australia and our trusted partnership with Citi will enable us to successfully execute our expansion of products, across both passive and active investment solutions and grow our investor base”.
Martin Carpenter, Citi’s head of securities services in Australia, said Citi had been expanding its presence in Australia and increasing investment in its people and overall platform in the last couple of years.
“Having Mirae Asset Global Investments select Citi for their custody and fund administration needs is a validation of those efforts and we are honoured to be able to work with Mirae Asset Global Investments in Australia as we already do in a number of geographies,” Carpenter said.
AUTHOR
Liam Cormican
Recommended for you
Lonsec and SQM Research have highlighted manager selection as a crucial risk for financial advisers when it comes to private market investments, particularly due to the clear performance dispersion.
Macquarie Asset Management has indicated its desire to commit the fast-growing wealth business in Australia by divesting part of its public investment business to Japanese investment bank Nomura.
Australia’s “sophisticated” financial services industry is a magnet for offshore fund managers, according to a global firm.
The latest Morningstar asset manager survey believes ETF providers are likely to retain the market share they have gained from active managers.
