If two is competition, twenty-one is definitely a crowd. That's the number of financial institutions in Hong Kong waging battles to be the dominant trustees in the potentially lucrative Mandatory Provident Fund MPF market.
Fund managers are hoping the MPF market will inject as much as HK$30 billion US$3.8billion a year into their portfolios come December 1, 2000 when the city's 300,000 employers are required to begin contributing 5% of their workers' salary to retirement funds.
HSBC Trustee - with over 2,000 agents qualified to sell MPF schemes - is aiming to capture a 40% market share AXA China's 3,000 agents are aiming to carve out a 20% share Manulife's...
