State Street Sub-Advising China on Pension Fund System

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Last updated at: (Beijing Time) Thursday, June 06, 2002

State Street Sub-Advising China on Pension Fund System

State Street Global Advisors is sub-advising China's National Council for Social Security Fund to implement what will be a national pensions investment system.

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State Street Global Advisors is sub-advising China's National Council for Social Security Fund to implement what will be a national pensions investment system.

The U.S.-headquartered financial company is to support the Caisse de Depot et Placements du Quebec (CDPQ), Canada's largest pension fund, which is consulting China's National Council regarding asset management, including advising on implementation of asset allocation, fund manager selection and back-office operations, reported the Hong Kong-based Financeasia.com website.

Vincent Duhamel, State Street's Hong Kong-based chief executive officer, said the firm's role will focus on giving CDPQ portfolio management and risk management expertise.

State Street has also been training Chinese nationals in Boston on these areas. CDPQ is providing overall advice on how to structure and implement the National Council's investment management program, the website said.

China's National Council has been established as a nationwide provident fund to fill provinces' and municipalities' retirement benefit gaps.

The National Council's key staff members are currently being trained by Principal Insurance, the site said,

CDPQ is the civil service pension fund of the Quebec provincial government, and it also has a consulting arm, which is now not only advising China's National Council but is having close ties to the Asian Development Bank (ADB), which in previous reports to the Chinese Ministry of Finance recommended China follow Canada's pension model most closely, it reported.

Canada was reported to possess a successful pension system based on American-style free markets infused with European socialism, it said. The ADB has unofficially selected CDPQ the mandate to advise China's National Council, as well as mandating Hewitt Associates to advise the Liaoning provincial government on its related pilot program for a new pension system, it said.

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