Activist calls for abolishing MPF

Industry executives say David Webb''s anti-MPF missive is off the mark.

After weathering political attacks during its early days and three years of bear equity markets, Hong Kong's Mandatory Provident Fund MPF has now found a new enemy just as members are starting to benefit from dollar-cost averaging. Shareholder activist David Webb, best known for his excoriating attacks on corporate governance abuses and Hong Kong Stock Exchange and regulatory complacency, recently fired off a broadside against the MPF that says its fee structure makes it a loss for investors and a...

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