As the Mandatory Provident Fund Authority rolls out a new default fund for its members, one of the chief architects of pension reform in Hong Kong prepares to retire from the regulator.
MPFA appoints new chairman; Credit Suisse hires CEO from Prudential; Vanguard promotes executives; Lim takes on Arena founder; Nedbank boosts Dubai team with hire; and Towers makes insurance appointment.
The fund industry's arguments over active management have been dismissed by the Hong Kong government and the pension authority, paving the way for the introduction of a low-cost and largely passive default fund.
Market participants debated issues around plans to bring in a core fund and full portability under Hong Kong's Mandatory Provident Fund scheme.
Hong Kong's pensions regulator has proposed introducing core funds with capped fees and more use of passive strategies, but not everyone sees the suggested changes as workable.
Can employee choice make Hong Kong's MPF loved?