Feng-Ching Tsay tipped to take over from Huang Chao-Hsi at Taiwan’s BLF

12 January 2017   Category: News, Asia, Global, Taiwan   By Asia Asset Management

Taiwan’s Public Service Pension Fund (PSPF) management board vice chairman, Feng-Ching Tsay, is being hotly tipped by sources familiar with the Taiwan market to succeed soon-to-be-retired Huang Chao-Hsi as the Bureau of Labor Funds’ (BLF) director general.

Feng-Ching Tsay

Mr. Huang will relinquish his position at the supervisory body for the island-state’s labour pensions on January 13 this year after spending more than two decades at the bureau.

“Mr. Tsay is an ideal replacement with his considerable experience in the pension and asset management industries. However, he must [first] quit the PSPF to avoid any conflict of interest,” a Taiwan industry expert tells Asia Asset Management.

The BLF has refused to comment on any speculation in regard to the position, stating that it will make a public announcement once Mr. Huang’s successor has been appointed by the Executive Yuan. As for now, the bureau has not released any details on the exact schedule of the appointment.

Grace Lee, chairperson of Taiwan’s Pension Fund Association, says Mr. Tsay is one of only a handful of veterans in the industry with the extensive pension experience needed to take on the role. “Although the PSPF’s asset size is much smaller than BLF’s, Mr. Tsay is an appropriate person to oversee the labour pension due to the competence he has displayed in his current position,” she remarks.

Mr. Tsay is currently the vice chairman of the PSPF’s board, and is responsible for all the fund’s affairs. Prior to that, he had stints as the board’s financial department director, and as assistant director in the Securities and Futures Bureau of the Financial Securities Commission. He also previously held various senior positions at the Bureau of Monetary Affairs.

Under Mr. Tsay’s leadership, the PSPF has consistently delivered benchmark-beating performances. The fund notched up NT$11.2 billion (US$350 million) in revenue for the first 11 months of 2016, which translates to an annualised return of 2.03%.