Citi Securities Services Secures ETF Mandate from Nuveen Asset Management

Citi Securities Services Expands ETF Mandate with Nuveen, Onboards $9 Billion in Assets

Citi Securities Services has secured a significant mandate from Nuveen Asset Management, adding 23 new ETFs totaling approximately US$9 billion in assets across North America. This portfolio includes both transparent and non-transparent ETFs, underscoring Citi’s growing influence in the ETF Services sector.

“We are thrilled to deepen our collaboration with Nuveen throughout Citi. With this mandate, we are dedicated to leveraging our global network and expertise in fund accounting to deliver a seamless client experience as we expand our ETF Services business globally,” remarked Peggy Vena, Head of ETF Services at Citi Securities Services.

This mandate marks an expansion of Citi’s existing relationship with Nuveen, a client under its Markets division. Supported by Securities Services and Treasury and Trade Solutions, Nuveen’s parent company, TIAA, benefits from enhanced connectivity across Citi’s diverse business lines, addressing client needs comprehensively across multiple domains.

Utilizing Citi’s Advanced Citi ETF System (ACES), Nuveen will enjoy automated processing across the entire ETF lifecycle. This includes basket creation, order processing, settlements, and daily position management, all integrated with real-time updates in the Investment Book of Record (IBOR).

“As a longstanding client, we look forward to further collaborating with Citi to support our ETFs,” said Briton Ryan, Head of ETFs at Nuveen.

Citi’s ETF Services now spans 12 markets, reflecting its strategic growth trajectory. Between 2021 and 2023, Citi saw a substantial increase of US$425 billion in ETF assets under administration. The firm continues to enhance its ETF servicing capabilities, recently adding FIX API connectivity to ACES to benefit clients in a T+1 environment. Moreover, Citi was appointed to support Hong Kong’s inaugural covered call ETFs earlier this year.

With a steadfast commitment to facilitating the investment process and overseeing approximately US$24 trillion in assets under custody and administration, Citi Securities Services remains dedicated to supporting global securities activities across borders. Its integrated suite of services spans Custody, Execution, Fund and Issuer Services, bolstered by advanced data capabilities and a robust proprietary network.

Driven by universal banking capabilities, Citi combines tailored solutions to empower clients in navigating evolving market landscapes and fostering sustainable business growth into the future.

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