City Embraces Semi-Portability: HSBC MPF Leads the Discounts

This article is a rewrite of a report from November 2012.

Half a month into semi-portability, the city was hooked. A hotline test of trustees: Dah Sing, Bank Consortium Trust and HSBC responded most eagerly, with staff proactively probing needs and advising on the spot; HSBC MPF even led with discounts, cutting management fees most under the new regime.

Who was keenest?

HSBC, Dah Sing, BCT. The test found these three didn’t just answer questions — staff asked about account situations and needs, advising immediately. Some trustees stayed passively reactive, with no follow-up.

What was Invesco’s play?

Two plans, two fronts. Invesco launched two fund families: the December-bound “Invesco MPF Strategic Plan” (12 funds) and a Hong Kong-China focus fund (0.99% fees). Manulife’s “Select” series went as low as 0.79%; BCT pitched 15 funds with 2.5–4.5% annual returns.

What is the lesson from 2012?

November 2012 was MPF’s first flip from seller’s to buyer’s market. Before, employers chose and no courting was needed; after semi-portability, trustees had to woo each worker. The proactive and the discounting won clients — a competitive logic unchanged since that day.