HSBC (0005) today announced that starting from 1 March 2011, the management fees of three constituent funds under the existing schemes of HSBC Mandatory Provident Fund (MPF) – SimpleChoice / SuperTrust / SuperTrust Plus will be
revised.
The new management fees for MPF Conservative Fund, Global Bond Fund and Hang Seng Index Tracking Fund under the above HSBC MPF schemes will be lowered from 1.25%-1.50% to 0.79%-0.99%, representing a reduction of up to 40%.
HSBC has earlier announced the introduction of a new MPF scheme, “ValueChoice”, which will be launched in the first quarter of 2011. The new scheme, comprising a larger number of constituent funds with underlying investments focused on index-tracking collective investment schemes (ITCIS), also comes with lower management fees ranging from 0.79% to 0.99%. (KL)