Citi has successfully supported the industry’s largest mutual fund to ETF conversion for Dimensional Fund Advisors. The conversion includes four US tax-managed mutual funds into active transparent ETFs with USD29bn in assets. The ETFs are listed on NYSE.
Gerard O’Reilly, co-CEO and CIO of Dimensional Fund Advisors, said: “Citi has been a long-standing service provider to Dimensional’s funds and has been a vital partner during this conversion process. We are grateful for all of their teams’ hard work and thoughtful execution that have helped make this historic conversion possible.”
This mandate expands a global relationship between Dimensional and Citi’s securities services business that dates back to 1997 when Citi began providing global custody and FX services. The relationship has grown to include agency securities lending, global fund services, transfer agency, middle office and collateral management services. In 2020, Citi was appointed by Dimensional to provide securities services for Dimensional’s new family of actively managed, transparent ETFs. As part of this mandate, Citi provides fund administration, global custody, transfer agency, agency securities lending, and related ETF services.