Citi has been appointed by Sun Life Asset Management as trustee, custodian, fund administrator and transfer agent for the Sun Life AM Hong Kong environmental, social and governance (ESG) index fund.
The ESG index strategy is Sun Life’s first fund to be registered in Hong Kong.
The Sun Life AM Hong Kong ESG index fund will track the Hang Seng ESG 50 Index, the top 50 Hong Kong-listed companies that perform well on ESG factors based on the Hong Kong Quality Assurance Agency’s framework.
Sun Life’s fund is one of a growing number of ESG funds approved by the Hong Kong Securities and Futures Commission as it builds a hub for green and sustainable finance in the region.
As part of the growth, HSBC was recently selected to provide securities services for Hong Kong’s first broad-based ESG ETF Haitong International Asset Management.
Commenting on Citi’s new mandate, Stewart Aldcroft, chairman of Cititrust, said: “We are proud to have been selected to provide complete trustee, custody and fund administration support to Sun Life in delivering the first Hang Seng ESG 50 Index fund to investors in the Hong Kong market.”
Aldcroft added: “Across Asia Pacific, we are witnessing steady growth in ESG funds, and I believe Citi is well positioned to support such funds given our focus on ESG.”
Stanley Ngan, CEO of Sun Life Asset Management (HK) Limited, commented: “We are delighted to be working with Citi following the launch of our first locally registered fund in Hong Kong. Citi has a good understanding of our needs, offers high quality service, has a robust platform, and is equally committed to sustainability.”
Also in Hong Kong recently, Citi was appointed by Samsung Asset Management to provide custody, fund administration and trustee services for the first pure real estate investment trusts exchange-traded funds to be set up and listed in Hong Kong.
