Team to advise on MPF named
A TOP-LEVEL team including the great and the good of Hong Kong's pension and fund management industry has been appointed to advise the Government on the setting up of the proposed Mandatory Provident Fund (MPF).
The appointment of a 22-member panel follows the Legislative Council decision this month to allow the scheme to go ahead and grant $21 million to fund an MPF office.
The team, which will provide technical advice needed to finalise the empowering legislation, includes trustees, custodians, investment managers, pension scheme administrators, accountants, auditors, actuaries and lawyers.
It also comprises representatives from professional associations and industry bodies.
The controversial scheme is expected to generate $20 billion to $40 billion - about 4 per cent of the territory's gross domestic product - in funds for management each year.
Six specialist groups, with members drawn from the panel, will be formed to work on specific areas of the proposed scheme.
The panel will hold its first meeting today to brief members on the work programme for the next few months and on the creation of the six groups.
The team comprises: Andrew Au (Citibank Global Asset Management Asia); Stanley Yip (Bermuda Trust Far East); Desmond Chan (Jardine Fleming Investment Management); William Cheng (Schroder Investment Management HK); June Wong (HSBC Asset Management HK); Anthony Griffiths, (GML Consulting); Carolyn Butler, (American International Group); Raymond Chan, (National Mutual); David Lee (Manulife); Margaret Wu (HSBC Life International); Edwin Cheung (Coopers & Lybrand); Isaac Yan (KPMG Peat Marwick); Mark Baxter (William M Mercer); Grahame Stott (The Wyatt Co); Martin Lister (Deacons Graham and James); Paul Tan (Baker & McKenzie); Yam Chi-fai (The Actuarial Society); Dennis Pedini (Hong Kong Federation of Insurers); Peter Lord (Hong Kong Investment Funds Association); Albert KK Li (Hong Kong Society of Accountants); Jonathan Hubbard (Hong Kong Trustees Association); Gregory Wills (The Law Society of Hong Kong).