The delayed of the launch of member choice scheme has not deterred the plans of Manulife (International) as regards the launch of new MPFs in 2010.
Michael Huddart, executive vice president and chief executive officer Hong Kong at Manulife (International), said the company was targeting the addition of seven new target-date funds to its existing MPF platform by this year-end, or early 2011, and is also considering to add China-related funds and some sector funds, such as infrastructure.
He described the delay of the launch of member choice scheme as “very disappointing”, but said the company would still aim to expand its MPF fund range in preparation for the eventual launch of member choice. The Mandatory Provident Fund Schemes Authority (MPFA) announced last week that the launch of Member Choice will be deferred. The government said a public consultation will be held at the end of this year or early next year so the legislation can be tabled later next year.
Speaking at the fourth annual conference held by the Hong Kong Investment Funds Association (HKIFA), Darren McShane, executive director (regulation and policy) at the MPFA, said the main reason for the deferral of the scheme was due to the desire to reinforce the existing regulatory regime of MPF intermediaries through legislation. But he refused to comment a specific date for the official launch.