Citi appointed global custodian for the first Global Sharia Funds in Indonesia

The funds are managed by Schroders, BNP Paribas and Manulife.

According to a release, the three funds for which Citi Indonesia will perform the role of global custodian and local fund administrator are the BNP Paribas Cakra Syariah USD, Schroder Global Sharia Equity Fund USD and Manulife Saham Syariah Asia Pasifik Dollar AS (MANSYAF).

Through its strong on the ground presence in the country, Citi Indonesia is strategically positioned to offer market leading support to Global Sharia Funds. Through its Global Window Services, Citi offers a single window of service for supporting the settlement of offshore portfolios. As the appointed custodian bank, Citi will perform its role in administering, safekeeping and facilitating settlement for investment portfolios of the Global Sharia Funds investing in both the domestic and global capital markets.

David Russell, Regional Head of Securities Services Citi Asia Pacific, stated: “Citi is delighted to be the first custodian to support new Global Sharia Funds in Indonesia. The partnership with PT BNP Paribas Investment Partners, PT Schroder Investment Management Indonesia, and PT Manulife Asset Management is a significant milestone in the development of the Indonesian capital markets. This will offer new opportunities for Indonesian investors to access investment opportunities in the global capital markets by leveraging Citi's unique global footprint and expertise in Markets and Securities Services. "

Batara Sianturi, Chief Executive Officer Citi Indonesia, added: “Citi Indonesia is pleased to play a pivotal role in the debut of Global Sharia Funds in Indonesia. The role of custodian bank is fundamental in this breakthrough initiative, especially to support such products in accessing global capital markets. These appointments underline the strength of Citi’s footprint in the Indonesian capital market. ”