Citi Expands ETF Services with Support of First Actively Managed SPAC ETF

NEW YORK--(BUSINESS WIRE)--Citi has expanded its ETF Fund Services franchise with its support of the first actively managed Special Purpose Acquisition Company (SPAC) ETF from Tuttle Tactical Management, the SPAC and New Issue ETF (NYSE:SPCX) launched on December 16. Citi provides fund accounting and administration, custody, fund compliance support services, transfer agency and ETF services for the new fund.

“Citi’s holistic approach to ETF services and number one rank in SPAC underwriting in 2020 were deciding factors in our choice of Citi to support this launch,” said Matthew Tuttle, CEO and CIO of Tuttle Tactical Management. “We are pleased to expand our strategic relationship with Citi as we grow our business.”

The SPAC and New Issue ETF gives individual investors exposure to an actively managed portfolio of holdings in the fast-growing SPAC asset class, in addition to holdings of traditional initial public offerings. SPCX offers investors a broad portfolio of SPACs within the liquid and tax-efficient wrapper of an ETF.

“We are very pleased to support Tuttle Tactical Management in the launch of this pioneering new fund,” said Dominic Crowe, Citi’s North America Head of Citi’s Custody and Fund Services. “Citi is committed to providing market leading ETF solutions for innovative asset managers like Tuttle, as we bring to bear Citi’s full capabilities across our Markets and Securities Services businesses.”

This new launch expands Citi’s existing relationship with Tuttle Tactical Management for whom it provides full ETF services for its Trend Aggregation family of ETFs.

With over $24.9 trillion¹ of assets under custody and administration and the industry-leading proprietary network spanning over 60 markets, Citi Securities Services provides clients with in-depth local market expertise, advanced processing technologies and a wide range of custody and fund services that can be tailored to meet clients’ needs.

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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¹ As of Q3 2020