NEW YORK--(BUSINESS WIRE)--Citi has been appointed by Victory Capital to provide fund administration, custody, ETF services and securities lending for Victory's most recent acquisition. The new mandate resulted in the transfer of servicing for 53 mutual funds and ETFs to Citi, representing approximately $80 billion in assets under custody.
“We have a long-standing relationship with Citi, and we knew we could rely on their operational expertise and service model for the efficient integration of these additional funds,” said Christopher Dyer, Director of Fund Administration for Victory Capital. “We are confident Citi is the right partner to help us achieve our objectives with this strategic expansion of our business.”
“We are proud of our relationship with Victory Capital and pleased that they have chosen us again as their partner for growth,” said Irimga McKay, Global Head of Custody and Fund Services Client Executives and Account Management for Securities Services.
This new business further expands Citi’s existing relationship with Victory Capital where it has provided fund services to the Victory Funds since 1986 and full ETF services for its VictoryShares branded ETFs since 2017.
Dominic Crowe, North America Head of Custody and Fund Services, Citi added, “We have continued to invest in building a world-class global custody and fund servicing platform, that includes ETFs, and this latest mandate from Victory Capital affirms our momentum.” Citi recently announced the expansion of its ETF servicing capabilities to cover EMEA domiciled ETFs, following the successful buildout of its platform in the US, Latin America and Asia.
With over $21.7 trillion of assets under custody and administration and the industry-leading proprietary network spanning over 60 markets, Citi’s Custody and Funds Services business provides clients with in-depth local market expertise, advanced processing technologies and a wide range of fund services that can be tailored to meet clients’ needs.
About Victory Capital:
Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors. Through its Investment Franchises and Solutions Platform, Victory Capital offers a diverse array of independent investment approaches and innovative investment vehicles designed to drive better investor outcomes. This includes actively managed mutual funds and separately managed accounts, rules-based and active ETFs, multi-asset class strategies, custom solutions and a 529 College Savings Plan. For more information, please visit www.vcm.com.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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