Citi today announced that it has been appointed by ProShares Trust, an industry leader in alternative exchange traded products, to provide Regulatory Administration services for its exchange traded funds. ProShares Trust is advised by ProShare Advisors LLC.
“Citi has been providing fund accounting, fund administration, transfer agency and regulatory administration services for our mutual funds, and we’ve been pleased by the quality of their services and expertise”
“Citi has been providing fund accounting, fund administration, transfer agency and regulatory administration services for our mutual funds, and we’ve been pleased by the quality of their services and expertise,” said Michael Sapir, Chairman of ProShares Trust and ProFunds. “This new agreement consolidates all of our mutual fund and ETF regulatory administration support services with a single provider, and brings Citi’s industry-leading regulatory and compliance expertise to our growing ETF business.”
Citi’s Regulatory Administration services help clients streamline their internal legal operations to maximize efficiencies and leverage Citi’s expertise related to regulatory matters impacting the operations of registered investment companies. Through Citi’s Fund Governance Portal, clients have easy access to core legal documents and can efficiently manage workflow related to regulatory filings, compliance policies and procedures and corporate governance matters.
“We are pleased to expand our long-standing relationship with the ProShares organization,” said Bob Wallace, North America Head of Citi’s Securities and Fund Services. “We have enhanced our funds services offering by broadening our administrative platforms and capabilities to support the specific needs of exchange traded funds. Partnering with an industry leader like ProShares illustrates our success in this initiative, and underscores our commitment to offering a superior ETF servicing solution to the marketplace.”
Regulatory Administration services are part of Citi’s unique end-to-end value proposition for ETF managers, which includes custody, trustee, accounting, administration, liquidity, and primary and secondary market trading solutions that are focused on clients’ specific challenges and customized to their individual needs.
Through its Securities and Fund Services business, Citi’s industry-focused experts provide institutional investors worldwide with tailored solutions delivered through proven global platforms that feature modular, open architecture. With $12.5 trillion of assets under custody and the industry’s largest proprietary network, clients can leverage Citi’s local market expertise and global reach to extract value across the entire investment value chain.
Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi’s Global Transaction Services supports over 65,000 clients. As of the fourth quarter of 2011, it held on average $368 billion in liability balances and $12.5 trillion in assets under custody.
ProShares is a premier provider of alternative ETFs, offering more than 120 ETFs. ProShare Advisors is affiliated with ProShare Capital Management and ProFund Advisors, which was founded in 1997. Together they manage more than $26 billion of ETF and mutual fund assets.
Citi, (NYSE:C) the leading global financial services company, 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.