Citi has extended its custody and fund administration for exchange traded funds in Latin America with new mandates from BlackRock in Brazil and Mexico.
Citi supported the launch of BlackRock’s two new ETFs in Brazil investing in carbon and public infrastructure and has expanded its relationship with BlackRock in Mexico with the conversion of the largest ETF product in Latin America.
“We have a long-standing relationship with Citi across the range of our exchange traded funds in Latin America and these mandates further our collaboration to provide investors with efficient access to these markets,” said Armando Senra, BlackRock head of the Latin America & Iberia region.
“With Citi’s knowledge of the specialised needs of ETFs and local market infrastructure and global expertise, we are able to spend more time with our clients and at growing our business.”
Citi’s regional assets under custody are in excess of $8 billion. At the end of the third quarter 2012, Citi’s regional ETF services market share stands at approximately 80 percent.
"We are truly pleased to expand our collaboration with BlackRock and to continue to support them with our local and global capabilities in trade execution, custody and fund administration throughout Latin America," said Alejandro Berney, head of Securities and Fund Services for Latin America at Citi.
“Over the last few years Citi has concentrated on further enhancing our global support for ETFs. By joining our specialized ETF knowledge, local market infrastructure and global expertise we are pleased that we have been able to deliver solutions to our trusted partners. We are dedicated to continuously ensuring we remain on the frontier of delivering market innovation to our partners.”
