Hong Kong pension manager and service provider BCT Group has signed an agreement to become the plan sponsor for US asset manager Invesco’s Mandatory Provident Fund scheme.
This is on top of being the administrator and trustee of the Invesco Strategic MPF Scheme since 2006.
The Hong Kong firm is expected to begin providing sponsor services for the scheme in the fourth quarter of this year, subject to approval from the Mandatory Provident Fund Schemes Authority and the Securities and Futures Commission, BCT and Invesco say in a joint statement on May 23.
The firms say they will form a new investment committee to collaborate on additional product innovation to “further enrich members’ investment experience in pre- and post-retirement phases of their lives”.
“Such partnership strengthens our presence in the MPF market and demonstrates our strong commitment to providing our clients with compelling services and solutions which will empower them to achieve their retirement goals,” says Jamie Lee, BCT’s managing director and chief executive officer.
The statement does not provide details of the services that BCT will provide. A spokesperson for the company tells Asia Asset Management, it includes setting fee levels, promoting and distributing the scheme, and customer service.
The MPF is Hong Kong’s largest retirement scheme, with around HK$1.05 trillion (US$134.6 billion) of assets as of end-2022.