The new mandate resulted in the transfer of servicing for 53 mutual funds and ETFs to Citi, representing around $80 billion in assets under custody, according to an announcement from Citi.
“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,” Christopher Dyer, director of Fund Administration for Victory Capital, said in an announcement. “We are confident Citi is the right partner to help us achieve our objectives with this strategic expansion of our business.”
This new business further grows Citi’s existing relationship with Victory Capital. It has provided fund services to the Victory Funds since 1986 and full ETF services for its VictoryShares branded ETFs since 2017.
“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.
With more than $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 offers clients advanced processing technologies, in-depth local market expertise, and a broad range of fund services that can be tailored to meet the needs of its clients.
“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,” said Dominic Crowe, North America head of Custody and Fund Services for Citi.
Citi recently announced the expansion of its ETF servicing capabilities to cover EMEA domiciled ETFs after the successful buildout of its platform in the U.S., Asia and Latin America.