Korea's NHI&S picks Citi as global custody provider for business expansion

A South Korean securities firm is expanding its business model to include trustee services.

Citi Securities Services has been chosen as the global custody provider for NH Investment & Securities (NHI&S). 

The NHI&S, a prominent South Korean securities firm, is expanding its business model to include trustee services for private investment funds in South Korea. 

This move is the first of its kind in the country, said both parties in a press release.

NHI&S will initially serve as the trustee for private investment funds targeting Korean institutional clients with global market exposure. 

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Later, they plan to extend their trustee services to funds catering to Korean retail investors.

In addition to foreign exchange services and cash management solutions, Citi Global Markets and Citi's Trade and Treasury Solutions business currently provide NHI&S with their services. 

With the inclusion of global custody, Citi will now offer NHI&S a comprehensive suite of integrated solutions spanning multiple areas.