The manager of the Tracker Fund and Exchange Fund Investment (EFI) will vote separately on Pacific Century CyberWorks' proposed merger with Cable & Wireless HKT at the operator's shareholders' meeting next month. '[The] Tracker Fund will vote for what is good for the fund's shareholders,' said Vincent Duhamel, chief executive of State Street Global Advisers, which manages the fund on behalf of EFI. 'And [EFI] will vote in the interest of the Government.' EFI manages the Government's stock portfolio, valued at about HK$200 billion. The Tracker Fund, a unit trust worth nearly HK$30 billion, tracks the performance of the Hang Seng Index. It was set up by EFI to unload part of the Government's stock portfolio. It holds about 8 per cent of HKT stock, making it the company's third-largest shareholder after British-based Cable & Wireless, which has 54 per cent, and EFI, according to Mr Duhamel. However, it is not clear how much of HKT is held by EFI, as specifics about the Government's portfolio have not been released. Mr Duhamel said State Street was monitoring HKT shares to see which merger option by CyberWorks would be more attractive. He said it was not clear how the Tracker Fund would be adjusted if the proposed CyberWorks-HKT merger went ahead. 'We have to wait the final outcome of the pricing structure [of the merged entity],' Mr Duhamel said. It would also depend on how the merged entity was weighted in the Hang Seng Index, he said.