Citi Securities Services Wins ETF Mandate from Asset Manager Nuveen

June 28, 2024 at 07:15 AM EDT

The mandate includes the addition of 23 new ETFs of approximately US$9 billion to Citi’s expanding ETF Services business

Winning a new mandate from asset manager Nuveen, Citi Securities Services’ ETF Services business has onboarded 23 new ETFs with approximately US$9 billion in assets in North America. The book is comprised of both transparent and non-transparent ETFs.

The mandate further expands Citi’s relationship with Nuveen, an existing Markets client. Its parent company, TIAA, is supported by Securities Services and Treasury and Trade Solutions. Leveraging the increasing connectivity across the bank’s various businesses, Citi is addressing client needs more holistically and across multiple areas.

“We are excited to further expand our relationship with Nuveen across Citi. With this mandate, we are committed to using our global network and fund accounting expertise to provide Nuveen with a seamless client experience as we continue to expand our ETF Services business globally,” said Peggy Vena, Head of ETF Services for Citi Securities Services.

Leveraging Citi’s global Advanced Citi ETF System (ACES), Nuveen will benefit from automated processing across the entire ETF lifecycle, from basket creation, order processing to settlements, and daily order management of positions via real-time updates in the Investment Book of Record (IBOR).

“As an existing client, we look forward to further partnering with Citi in support of our ETFs,” said Briton Ryan, Head of ETFs at Nuveen.

Citi ETF Services supports 12 markets as the business continues to expand. From 2021 to 2023, Citi added US$425 billion in ETF assets under administration.

Citi continues to make focused investments to enhance its ETF servicing capabilities to meet clients’ operating requirements and changes in the market landscape. Earlier this year, Citi added FIX API connectivity to its ACES platform to benefit clients and market participants in a T+1 environment. The ETF Services business was also appointed to support the first covered call ETFs listed in Hong Kong.

With a focus on enabling the investment process and approximately US$24 trillion¹ in assets under custody and administration, Citi Securities Services goes beyond borders to holistically support securities activity wherever clients need us.

Our integrated suite of services, across Custody, Execution, Fund and Issuer Services, and advanced data capabilities, connects and serve clients across the entire trade and investment ecosystem. With a leading proprietary network and universal banking capabilities, we combine the right fit of solutions to help grow our clients’ business into the future.

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

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1} As of Q1, 2024