Citi has been selected by Fubon Fund Management (Hong Kong) to act as a service provider for their inaugural exchange-traded products (ETPs) launched in Hong Kong.
As part of its mandate, Citi will act as a trustee and will provide Fubon with fund accounting and custody services.
The ETPs consist of Fubon FTSE Taiwan Daily (-1x) and Inverse Product and Fubon FTSE Taiwan Daily (2x) Leveraged Product.
They are the first Taiwan Index Leveraged and Inverse Products to be launched in Hong Kong, according to Citi.
Citi’s custody and fund services team regularly provide services for ETPs and has achieved a number of firsts in Hong Kong, including being the first to provide OFC custodian, fund administration and ETF services to OFC ETFs.
Citi is now the first service provider to provide trustee, custody and fund administration services to a Taiwan-related ETP in Hong Kong.
“We are incredibly honoured to be selected by Fubon as a service provider for their inaugural ETPs to be launched in Hong Kong,” says Julie Kerr, Citi’s Asia Pacific head of custody and fund services.
Kerr continues: “Citi is a leading provider of custody and fund services in the APAC region and we continue to invest in our ETP service offering with the ultimate goal of being the provider of choice for ETP issuers.”
“Launching our first ETP in the Hong Kong market is an important milestone for Fubon, equally important is working with the right service provider with a proven track record and for us that is Citi,” said Alan Ng, managing director of Fubon Fund Management (Hong Kong).
“Hong Kong represents a very important market for Fubon and we hope to continue to work with Citi as we bring more ETPs to market,” adds Ng.
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