Bank of Bermuda has a long-standing presence in the Hong Kong retirement business.
It has been handling the administration for a number of retirement schemes since the mid-1970s and still looks after about 170 Occupational Retirement Scheme Ordinance (Orso) schemes with more than 100,000 members. These were set up under the previous retirement legislation and co-exist with the MPF regime, typically offering better benefits to members.
As well, Bank of Bermuda operates five master trusts for various MPF providers, and it administers more than 60 of the scheme's 220 approved pooled investment funds.
The head of pension funds for the bank's Global Fund Services, Jimmy Pun, says: 'We are among the leading trust and administration banks in Asia.
'We provide corporate and private trust services in Hong Kong. On the trust side we also handle a lot of trustee services for mutual funds and retail funds. In Hong Kong we are one of the biggest players providing this type of service. We provide trustee service to close to 1,000 mutual funds and pension funds.'
Although it has a banking licence, Bank of Bermuda has no retail or commercial banking in Hong Kong.
Mr Pun says its edge lies in the proprietary system it has developed and refined to handle both its Orso and MPF administration. A single pensions team of about 120 people services both retirement schemes.