Mirae Asset Global Investments has selected Citi Australia to provide its custody and fund administration services for its Australian traditional fund business.
Mirae Asset Global Investments was founded in South Korea by Hyeon Joo Park (Chairman Park) and now operates worldwide across 12 markets.
In March 2021, Citi was also appointed as the custodian for the launch of Mirae Asset Global Investments’ (Hong Kong) two open-ended fund (OFC) exchange-traded funds (ETFs).
In addition to custody services, Citi was chosen to provide fund administration and ETF services for the OFC ETFs.
One ETF is an inaugural active ETF (Global X China Innovator Active ETF) and the second is a passive ETF (Global X China Global Leaders ETF).
Both ETFs invest in equities of companies headquartered or incorporated in China, including Hong Kong or Macau.
Kris Walesby, CEO of Mirae Asset Australia, says: “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.”
Martin Carpenter, head of securities services in Australia at Citi, comments: “We have expanded our presence in Australia as well as increasing investment in our 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.”
.jpg)