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 giveaway to banks, insurance companies and fund managers.

Webb bases his argument on the HSBC Hang Seng Index Tracking Fund, launched as an MPF choice in December, 2000. Webb finds that...

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