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 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 the efficiency and effectiveness of the Fullgoal Hang Seng HK High Dividend ETF’s operations.

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 and Citi’s commitment to supporting asset managers in launching and scaling their ETFs efficiently. Hong Kong’s ETF market has experienced significant growth, with Southbound and Northbound ETF average daily turnover rising 61.7% and 72.1% year-on-year in 2025, reaching HK$3.9 billion and RMB3.4 billion, respectively.

Citi plays a pivotal role in facilitating this growth by connecting China and international markets through its global network, which spans over 60 markets and holds approximately $31 trillion in assets under custody and administration. The bank’s ETF Connect platform enables seamless trading between China and international markets, enhancing liquidity and accessibility for investors.

The Fullgoal Hang Seng HK High Dividend ETF is designed to track the performance of high-dividend stocks listed on the Hong Kong Stock Exchange, with a focus on companies included in the Hang Seng Index. By partnering with Citi, Fullgoal aims to provide investors with a reliable and efficient investment vehicle that aligns with their objectives.

This appointment underscores the growing importance of ETFs in Hong Kong’s financial landscape and the increasing demand for professional ETF administration services. As more asset managers explore the benefits of ETFs, institutions like Citi are well-positioned to support their growth and expansion in the region.

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 expanding influence in the city’s ETF market. This strategic partnership not only enhances the capabilities of Fullgoal’s new ETF but also reinforces Citi’s commitment to driving innovation and efficiency in the ETF industry. As Hong Kong’s ETF market continues to expand, both institutions are poised to benefit from this collaborative effort and contribute to the growth of the region’s financial ecosystem.