Citi Appointed Trustee and Custodian for Fullgoal’s Debut Hong Kong ETF

Citi Investor Services has been appointed as the trustee, custodian, and ETF administrator for Fullgoal Asset Management's first Hong Kong-domiciled exchange-traded fund (ETF), marking a significant expansion of the American bank's role in Hong Kong's rapidly growing ETF market. The Fullgoal Hang Seng HK High Dividend ETF commenced trading on the Hong Kong Stock Exchange on Tuesday, signaling Fullgoal's entry into the Hong Kong ETF market.

Fullgoal Asset Management (HK) Limited, the Hong Kong branch of Shanghai-based Fullgoal Fund Management, manages over $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. The appointment of Citi as the ETF's trustee and custodian reflects the strategic partnership between the two financial institutions, aiming to leverage Citi's extensive expertise in ETF services.

Li Xiaowei, Deputy General Manager and Chief Investment Officer of Fullgoal, explained that Citi was chosen for its comprehensive 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 stated. This collaboration is expected to enhance Fullgoal's ability to deliver efficient and reliable ETF products to investors.

David Brown, Head of Investor Services Client for Japan, Asia North, and Australia at Citi, highlighted the rapid expansion of Hong Kong's ETF market. He emphasized that the bank is committed to assisting asset managers in launching and scaling their ETFs efficiently. Hong Kong's ETF market has witnessed substantial growth, with Southbound and Northbound ETF average daily turnover rising by 61.7% and 72.1% year-on-year in 2025, respectively, reaching HK$3.9 billion and RMB3.4 billion.

Citi's appointment as the trustee and custodian for Fullgoal's ETF underscores the bank's strategic focus on supporting the growth of ETFs in Hong Kong. The bank's global network, which spans over 60 markets and holds approximately $31 trillion in assets under custody and administration, plays a crucial role in facilitating ETF Connect flows between China and international markets. This connectivity is vital for investors seeking diversification and exposure to global markets while benefiting from the advantages of ETFs, such as lower costs and enhanced liquidity.

The launch of the Fullgoal Hang Seng HK High Dividend ETF is a notable development in Hong Kong's ETF landscape, as it represents Fullgoal's first foray into the market. The ETF is designed to track the performance of high-dividend stocks listed on the Hong Kong Stock Exchange, providing investors with a focused investment strategy. By partnering with Citi, Fullgoal aims to leverage the bank's expertise in ETF administration and custodial services to ensure the ETF's smooth operation and compliance with regulatory requirements.

In conclusion, the appointment of Citi as the trustee, custodian, and ETF administrator for Fullgoal's debut Hong Kong ETF is a testament to the bank's growing influence in the city's ETF market. This strategic partnership not only enhances Fullgoal's ability to offer innovative ETF products but also reinforces Citi's commitment to supporting the growth of ETFs in Hong Kong and beyond. As the ETF market continues to expand, both institutions are well-positioned to capitalize on this trend and provide valuable services to investors seeking diversified and efficient investment opportunities.