(Bloomberg) -- The Hong Kong stock exchange lost two heads leading its green and sustainability initiatives in recent weeks, adding to the bourse’s turnover as Hong Kong sees a drain in financial talent. 

Head of Group Strategy Till Rosar and Co-Head of Emerging Business Development Julien Martin are leaving Hong Kong Exchanges & Clearing Ltd. to pursue interests outside the company, the company said in an emailed statement. 

HKEX has been striving to turn the city into a sustainability-focused financial hub, competing against Singapore. Chief Executive Officer Nicolas Aguzin said in February that the company is experiencing higher staff turnover due to a growing talent war and Covid restrictions, while the city’s market and banking regulators said they are facing trouble retaining staff.

In total HKEX has seen three ESG-related executive departures this year. In January, it lost Grace Hui, who headed the company’s green and sustainable finance business. 

Rosar’s replacement has yet to be announced. Daniel Sonder, former chief financial officer of Sao Paulo-based stock exchange B3, remains co-head of emerging business development. 

Before joining the bourse’s emerging business last year, Martin led its fixed income and currency development for six years, helping create the Bond Connect in 2017. 

The Hong Kong stock exchange has been working with financial institutions including HSBC Holdings Plc and Standard Chartered Plc to create a carbon market. HKEX said it’s still focusing on sustainability efforts, citing its carbon initiative as a “key example of that momentum.”

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