Hong Kong’s second largest MPF provider, Manulife (International), plans to launch two index funds as it targets a 20% market share.
Luzia Hung, vice president of employee benefits, Manulife (International), expects to introduce two additional index-tracking MPFs to its MPF scheme.
She said the firm has already submitted those applications to the Mandatory Provident Fund Schemes Authority (MPFA) and was waiting on approval for the new launches.
She forecasts the firm may roll out the two new MPFs by the end of this year. She noted that the investment direction of those index-tracking MPFs will be ‘something popular’ among local investors, implying the Hang Seng Index-tracking MPF could be one of the products.
For the seven target date MPF funds the firm launched in February this year, she said those funds have already attracted assets in the ‘double-digit’ millions.
Meanwhile Manulife wants to increase its market shares to 20% by 2014, up from its current 17.6%.