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Manulife Hong Kong has lowered its management fees for 23 of its mandatory provident fund (MPF) schemes from 2.6% to 47.9%, effective August 01.
According to the insurer, the lower fees are due to greater operation efficiency and enhanced cost-effectiveness due to the restructuring of its MPF schemes.
From three MPF schemes – Manulife Global Select, Manulife Basic, and Manulife Advanced – that offer 64 constituent funds to members, the company merged the latter two into Manulife Global Select.
“Members’ interests are always at our heart as we pride ourselves as a customer-centric company,” said Raymond Ng, vice president and head of employee benefits, Manulife Hong
Kong. “This philosophy also echoes the MPFA’s Governance Charter for MPF Trustees in relation to offering value-for-money MPF schemes and services and acting in the best interests of members. We are pleased to share with our MPF members our savings from the restructure through this fee reduction exercise.”
As of end-June 2018, Manulife is the leader in Hong Kong’s MPF market with a market share of 22.6% in terms of assets under management, the insurer said, citing a report by Mercer.
Concurrently, Manulife Hong Kong has launched the “Manulife MPF Caring Campaign”, which aims to encourage its personal account (PA) members to participate in blood and organ donation by rewarding them with a special privilege upgrade in the company’s Privileged Rates Program.
“Manulife has a long history of supporting blood donation in Hong Kong, and we are proud to take the lead to reward our PA members for their generous cause,” Ng said. “Our program also backs the government’s call for active support for organ donation. As a company with a strong caring culture, we are delighted to mobilise our staff, financial advisors and customers to give back to the community.”
