Global X ETFs has selected Citi Securities Services to provide trustee, custody, fund accounting and ETF servicing to its nascent Hong Kong covered call ETFs.
The company, part of Mirae Asset Financial Group, have launched the Global X HSI Components Covered Call Active ETF and the Global X HSCEI Components Covered Call Active ETF. These are the first covered call ETFs in the Hong Kong market.
Through its ETF process automation tool, ACES, Citi is able to provide the additional servicing requirements that come with the presence of options in the ETF basket, the firms state.
David Brown, Asia North, Australia and Japan cluster head at Citi Securities Services, says: “Mirae’s decision is solid recognition of our ETF servicing capabilities and we are proud to be a part of this market-first in Hong Kong.
“Our securities services offering is versatile and designed to meet the changing needs of the market and our clients”
Young Rae Cho, chief operating officer at Mirae Asset Global Investments (Hong Kong), comments: “[The] launch demonstrates our continued commitment to Hong Kong as a leading financial center in Asia while providing investors with more choices.
“We chose Citi to be our partner given the bank’s industry leading capabilities within the ETF ecosystem as well as our longstanding relationship.”
