Best fund management practices to be introduced to HK

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Last updated at: (Beijing Time) Tuesday, September 16, 2003

Best fund management practices to be introduced to HK

The Hong Kong Investment Funds Association will introduce the best practices of fund management from around the world to Hong Kong, said the new chairman of the association Monday.

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The Hong Kong Investment Funds Association will introduce the best practices of fund management from around the world to Hong Kong, said the new chairman of the association Monday.

Edith Ngan, newly appointed chairman of the Hong Kong Investment Funds Association (IFA), said at a press conference that the IFA, with its broad membership, represents a great amalgamation of international and local expertise and resources in fund management.

"As such we will serve as the best conduit for the continual development of the fund industry, not only in Hong Kong but the whole Pearl River Delta, by introducing and sharing best practices of fund management from around the world," said Ngan.

She said that in the year ahead, the IFA would continue to focus on education and consultation in areas that would have a long term impact on the development of the fund industry.

"The key tasks of the IFA would be to further educate the public on the importance of long term investment savings in retirement planning and to promote knowledge of a wider product range, such as annuity, to the people of Hong Kong," she said.

On consultation, Ngan said that the IFA would work closely with the Hong Kong Securities and Futures Commission and the Mandatory Provident Fund Schemes Authority to ensure that the policies and regulations formulated would be in line with international best practice and in the best interests of investors.

"Our membership consists of a good representation of both international and local fund management companies involved in the retail and institutional businesses. On retail level, we believe that as the regulators continue to increase the depth and breadth of the market, the industry is well-positioned to offer a wide array of investment choices to cater for the different needs and profiles of investors. On the institutional side, we will continue to work with the regulatory authorities to further promote a sound and robust retirement platform for the working population of Hong Kong," Ngan said.

The Hong Kong IFA has 45 full overseas members from the fund management industry. It also has 45 associates, who include trustees and other professional firms that are involved in the creation and administration of funds.

According to the latest statistics of the association, Hong Kong's fund industry registered gross and net sales of 9.29 billion US dollars and 2.53 billion US dollars respectively in the first half of 2003.

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