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Citi Australia wins custody mandate

Mirae Asset Global Investments has appointed Citi Australia as its provider of custody and fund administration services for its Australian funds management business.

The South Korea based fund manager said Citi was selected for its international and local market expertise, post-trade technology and data solutions as well as its custody and fund services.

Mirae Asset Australia chief executive Kris Walesby said the firm is pleased to partner with Citi.

"We are delighted to partner with a highly experienced partner such as Citi as we strategically look at growth in Australia," he said.

"Mirae Asset Global Investments works closely with Citi in a number of markets globally, and we look forward to their support and enhanced infrastructure further enabling us to provide a quality experience for current and future investors in Australia."

Mirae Asset Australian chief operating officer Olivery Reynolds added that the custody partnership is in line with the firm's growth strategy for the region.

"We are expanding in Australia and our trusted partnership with Citi will enable us successfully execute our expansion of products, across both passive and active investment solutions and grow our investor base," he said.

Citi head of securities services in Australia Martin Carpenter also commented on the mandate.

"We have expanded our presence in Australia as well as increasing investment in our people and overall platform in the last couple of years," Carpenter said.

"Having Mirae Asset Global Investments select Citi for their custody and fund administration needs is a validation of those efforts and we are honored to be able to work with Mirae Asset Global Investments in Australia as we already do in a number of geographies."

Read more: CitiMirae Asset Global InvestmentsCiti AustraliaMirae Asset AustraliaAustralia Martin CarpenterKris WalesbyOlivery Reynolds