Edith Ngan, Hong Kong CEO at Invesco, is taking over the chairman's role of a sub-committee on pensions under the Hong Kong Investment Funds Association (HKIFA) from Douglas Naismith. She had already served as vice-chairman. Naismith steered the committee for the past two years and is resigning to concentrate fully on his ongoing role as senior director of institutional business at Fidelity Investments.
Tony Archer, CEO of AXA Rosenberg, will join as Ngan's vice-chairman.
The committee played a key role in the late 1990s supporting the government's establishment of the Mandatory Provident Fund scheme. Since the MPF's launch in 2000, it has provided the industry's voice in negotiating changes to the MPF ordinance. Naismith used the committee as a platform to launch an umbrella group, the Retirement Schemes Industry Group, to include voices among life insurers, trustees and fund administrators, and provide the Mandatory Provident Fund Schemes Authority and the Legislative Council with a united position.
Lately the committee and the RSIG has provided the industry's point of view to the MPF Schemes Operation Review Committee chaired by former Legco member Ronald Arculli. That work is now winding down, and Ngan sees the HKIFA will play a part in facilitating the transition from defined benefit to defined contribution schemes by corporate Hong Kong. Another area she believes the committee will involve itself is supporting the movement toward member's choice, as accountability for investments migrates toward employees and individuals, away from companies.
Sally Wong, executive director of the HKIFA, says the handover involves just the pensions committee and is not a broader reshuffling at the lobby group.