Citi Appointed Trustee and Custodian for Fullgoal’s Debut Hong Kong ETF
Citi Investor Services has been appointed as trustee, custodian and ETF administrator for Fullgoal Asset Management’s first Hong Kong-domiciled exchange-traded fund, as the American bank deepens its role in the city’s rapidly expanding ETF market.
The Fullgoal Hang Seng HK High Dividend ETF began trading on the Hong Kong Stock Exchange on Tuesday, marking Fullgoal’s entry into the Hong Kong ETF market.
Fullgoal Asset Management (HK) Limited is the Hong Kong arm of Shanghai-headquartered Fullgoal Fund Management, which manages more than $286 billion in assets under management and is ranked the fourth-largest fund manager in China by assets in public mutual funds, excluding money market funds.
Li Xiaowei, Deputy General Manager and Chief Investment Officer of Fullgoal, said Citi was selected for its end-to-end ETF capabilities.
“We selected Citi as our partner for this milestone because of their end-to-end ETF services across primary dealing, market making, trustee, custodian and ETF administration,” he said.
David Brown, Head of Investor Services Client for Japan, Asia North and Australia at Citi, said Hong Kong’s ETF market was expanding quickly and that the bank was focused on helping asset managers launch and scale efficiently.
Hong Kong’s ETF market has seen significant growth, with Southbound and Northbound ETF average daily turnover rising 61.7% and 72.1% year on year, respectively, in 2025, reaching HK$3.9 billion and RMB3.4 billion.
Citi stated that it supports this growth by facilitating ETF Connect flows between China and international markets through its global network, which spans more than 60 markets and holds approximately $31 trillion in assets under custody and administration.
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