Global X awards mandate for ETF business

Global X ETFs Australia has selected Citi as the new custodian and fund administrator for its Australian ETF business, following a comprehensive market review process.

Global X said Citi's appointment forms part of its ongoing commitment to strengthening its operating model, enhancing service delivery and supporting the continued growth of its ETF platform.

Global X said it selected Citi for its global expertise in ETF servicing, custody and fund administration, together with its established local capabilities and global custody network. There will be no change to investment strategies or the investor experience.

"Citi's global platform, combined with its local expertise, positions us well to support the next phase of our growth while maintaining the highest standards of service our investors expect," Global X Australia chief executive Alex Zaika said.

"Global X has a leading position in thematic ETFs with ambitious growth plans across fixed income and core exposures. As we continue to expand our product offering, Citi's technology, global reach and ETF servicing capabilities will help scale our operational foundation and support future innovation for investors."

Citi Australia and New Zealand co-head, services, Mark England added: "We are thrilled to partner with Global X ETFs to provide custody, fund administration, ETF and middle office services, leveraging our leadership in ETF servicing and the continued investment in our platforms."

"This is a first-of-its-kind collaboration that delivers complete front-to-back middle office support. Our global connectivity, deep market expertise and proprietary platforms position us strongly to support Global X as it scales across fixed income, thematic and core exposures."

Citi and Global X, as well its parent company Mirae Asset Management, have already collaborated across multiple markets worldwide.

In 2024 Citi supported Global X's launch of the first covered calls ETFs in Hong Kong.

Global X and Citi said they have joint aspirations to scale in the APAC region by serving the needs of asset managers.

The migration to Citi will be delivered in October 2026 under a structured transition programme ensuring a seamless transition of custody and fund administration services.