Hong Kong – Citi announced that it has been appointed by Samsung Asset Management (Hong Kong) Limited to provide custody, fund administration and trustee services for the first pure real estate investment trusts (REITs) ETF to be set up and listed in Hong Kong. Samsung launched its S&P High Dividend APAC ex NZ REITs ETF (HKD Counter 3187) on the Hong Kong Stock Exchange on October 15.
This first-of-its-kind ETF in Hong Kong invests in a selection of regional Asia Pacific REITS. This type of REITs ETF has proven to be very popular in other markets, especially among investors seeking a high yield from their portfolio.
"The initial yield for the ETF is expected to be around 5.7% net, which should prove very attractive to retail investors," said Stewart Aldcroft, Chairman of Cititrust Limited, the provider of trustee services to the ETF. "Citi was pleased to work with Samsung Asset Management to achieve this launch, which expands our successful partnership with them in South Korea where we provide fund administration services for several of their ETFs."
"Samsung Asset Management has been delighted to work with Citi on getting this new ETF launched. It is a continuation of our strong and valued relationship with Citi in the APAC region," said Carmen Cheung, Head of ETFs, Samsung Asset Management (Hong Kong) Limited.
Antoine de Saint Vaulry, APAC Head of ETF Sales and Business Development at Citi commented, "We are proud to be supporting Samsung Asset Management in bringing to market a first-of-its-kind ETF, demonstrating the depth and breadth of our holistic ETF capabilities."
Citi's Securities Services business holds over $23.6 trillion in assets under custody and administration, with a proprietary network spanning 64 markets. Citi provides services to 136 ETFs for 23 issuers across the APAC region.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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