HK civil service seeks fund managers

The bureaucrats'' new provident fund will select three MPF master trust scheme providers next month.

The Civil Service Bureau of Hong Kong has just invited local master trust scheme providers to submit bids to manage assets under the yet-to-be implemented Civil Service Provident Fund CSPF, a new retirement plan for the bureaucracy, says Joseph Wong, secretary for civil service.

The CSPF is being established under the legal framework of the Mandatory Provident Fund scheme and it will only outsource investment to existing MPF service providers. There are approximately 20 banks, insurance companies, trust banks and fund management houses with master trust licenses. The new scheme kicks off in mid-2003. Watson Wyatt is advising the Bureau on its implementation and fund manager selection.

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