Standard Chartered to appoint independent trustee to manage its MPF products

Standard Chartered Bank will appoint an independent trustee and a third party administrator to manage its Mandatory Provident Fund (MPF) products.

Peter Wong Tung-sing, the bank's head of consumer banking for Hong Kong, China and the Philippines, said the bank wanted to emphasise the independence of its MPF product management.

'Unlike other MPF products where the trustee is often part of the same group, the trustee we appointed is completely independent with no conflict of interest with other parties,' he said.

Butterfield Trustee is likely to be a trustee for the bank. The bank will use its 80 branches to sell MPF products.

The bank has designed two MPF master schemes. One has 26 investment funds managed by eight fund managers while the other has five investment funds.