The bank will provide fund accounting and administration, custody and transfer agency services for Victory Capital’s VictoryShares exchange traded funds (ETF).
Christopher Dyer, director of fund administration for Victory Capital, said: “We have a long-standing relationship with Citi and we knew we could rely on their expertise to seamlessly convert our ETF assets. As we look to grow our next generation ETF platform, it was imperative that we partner with a firm who we view as a key strategic partner.”
Dominic Crowe, head of product development and strategy at Citi Custody and Fund Services, said: “We are very pleased to broaden our relationship with Victory Capital through the conversion of their VictoryShares ETFs.”
“This mandate demonstrates Citi’s commitment to the ETF space as we continue to invest in our ETF talent and technology.”
Victory Capital has around $55 billion in assets under management and advisory, as of 31 December 2016.