Citi has extended its partnership with Mirae Asset Global Investments to provide securities and fund services in support of the launch of the Mirae Asset Discovery Funds. Global asset management companies are distributing products in a growing number of domiciles and are seeking to create efficiencies that reduce the costs of duplicate operations. Responding to this need, Citi created a custom solution of global custody, fund administration and middle-office operations to enable Mirae Asset to launch new funds without significant investment in operations infrastructure.
This mandate extends Citi’s partnership with Mirae Asset where it has provided global custody services to Mirae Asset’s Korean-domiciled overseas funds since 2006, as well as providing global custody and fund accounting to its Luxembourg SICAV’s and Brazil-domiciled products.
“Citi’s unique ability to provide an exceptional level of service to all of our firm’s global locations makes it an ideal partner as our firm expands globally,” said Jay (Hun Jun) Jang, President and CEO, Mirae Asset Global Investments (USA) LLC. “Citi's knowledge of our business as well as their local presence around the world allows us to enter new markets efficiently while optimizing in the capabilities of our investment operations staff and technology resources.”
“We were able to quickly prepare for Mirae Asset’s roll-out in New York because we had the implementation, technology and operations resources available to support Mirae Asset in all of their operating locations,” says Neeraj Sahai, Global Head, Securities and Fund Services, Citi. “We were able to help Mirae Asset ensure a consistent service globally and help them connect their geographically dispersed offices.”
