Sun Life Asset Management (HK) Limited has appointed Citi as trustee, custodian, fund administrator and transfer agent for the Sun Life AM Hong Kong ESG Index Fund. The environmental, social and governance index strategy is Sun Life’s first fund to be registered in Hong Kong.

Sun Life’s 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. It is one of a growing number of ESG funds approved by the Hong Kong Securities and Futures Commission as it strives to build a hub for green and sustainable finance in the region.

“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,” says Stewart Aldcroft, chairman of Cititrust Limited. “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.”

Commenting on the choice of Citi, Stanley Ngan, chief executive officer of Sun Life Asset Management (HK), says the bank “has a good understanding of our needs, offers high-quality service, has a robust platform, and is equally committed to sustainability”.

Citi says its custody and fund services business has over US$23.6 trillion of assets under custody and administration across 64 markets, and provides clients with in-depth local market expertise, advanced processing technologies, and a wide range of fund services that can be tailored to meet clients’ needs.