Poly Cheung

MPF Ratings continues to assess the performance of the MPF Funds, highlighting the best performers and providing valuable insights for MPF members! According to the latest data, the 2024 Gold Rated scheme - AIA MPF has multiple funds that have excelled across various investment horizons, securing top positions in their respective categories: ．NO. 1 in 3 Year, 5 Year & 10 Year Return: Equity Fund (Asia) category - AIA Asian Equity Fund ．NO. 1 in Year-to-Date, 1 Year, 3 Year & 5 Year Return: Equity Fund (Global) Index Tracking sub-category - AIA World Fund ．NO. 1 in 5 Year Return: Equity Fund (HK & China) category - AIA Greater China Equity Fund ．NO. 1 in 3 Year Return: Equity Fund (US) category - AIA North American Equity Fund ．NO. 1 in 10 Year Return: Mixed Asset Fund (81-100% Equity) category - AIA Growth Portfolio ．NO. 1 in Year-to-Date & 1 Year Return: ESG Fund category - AIA Green Fund Stay tuned for more insights on MPF fund performance! Note: The data presented is based on MPF Ratings statistics as of August 31, 2024 #mpfratings #MPFScorecard #MPFHealthCheck #MPFFastMover #MPFRConsistentPerformers #MarketInsights #MPFMarketShare #MPFFundFlows #MPFNetReturns #MPFIndustry #pensionschemes #assetmanagement #investmentmanagement #mpf #investment #empf

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Provision of Southbound Scheme Services under Cross-boundary Wealth Management Connect Pilot Scheme by Authorized Institutions Incorporated Outside Hong Kong

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#HKIFA is delighted to host a webinar on Nov 26 re Securities and Futures Commission (SFC)’s recent circular on deficiencies in managing private funds and discretionary accounts. It was well attended with over 120 participants. Anthony Wong and Kelvin Fung, representatives from SFC’s Intermediaries Supervision representatives department, shared the key takeaways of the circular, while Winnie Cheung, Vice-chairman of HKIFA’s Regulatory Subcommittee, presented the industry practices on handling conflicts of interest and information disclosure to investors. The speakers emphasized the importance of governance, robust policies and measures to comply with regulatory requirements – a good reminder for all asset managers to review the existing arrangements and controls. Stay tuned for more regulatory updates from HKIFA. #HKIFA #AssetManagement #Compliance #SFC #Regulatory

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According to MPF Ratings' latest MPFR Index, the top 10 MPF fund categories showed remarkable performance in July, with returns of between 1.34 per cent and 4.15 per cent. The significant threefold difference in these returns underlines the diversity of performance across the MPF landscape. In particular, returns for US equity funds fell from 4.72% in May to 3.01% in June and further to 1.43% in July, but remained positive throughout the period. See the details of MPF Ratings' MPFR Index returns by asset class here: https://lnkd.in/g5RNs35e #mpfratings  #MPFScorecard  #MPFHealthCheck  #MPFFastMover  #MPFRConsistentPerformers  #MarketInsights  #MPFMarketShare  #MPFFundFlows  #MPFNetReturns  #MPFIndustry #pensionschemes  #assetmanagement  #investmentmanagement  #mpf  #investment  #empf

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【#MPFANews Transforming MPF for a Bright Future】 #MPFA Executive Director (Policy) Mr Eric Cheng spoke at an #MPF forum on 28 November, sharing the most recent advancements in the MPF System and key initiatives undertaken by the MPFA to enhance the accumulation of retirement savings for the working population.   Mr Cheng highlighted that according to World Bank's outcome-based assessment framework for private pensions, MPF is doing well in terms of coverage, sustainability and security, and is making good progress in improving efficiency and adequacy. The MPFA is committed to improving the MPF System through various reform initiatives including ongoing efforts to implement #eMPF, drive reduction of fees, optimize investment regulations to facilitate diversification and enhance risk-adjusted return potential, review minimum and maximum relevant income levels for MPF contributions and encourage voluntary contributions. These initiatives aim to enhance retirement protection for the workforce.   #MPFANews #MPFA #MPF #eMPF

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MPF Ratings released Q1 2024 MPF Asset Class Fund Flow Summary by highlighting that US equities received over $9bn of MPF’s net inflows in Q1 2024, by far the largest quarterly MPF net inflows into US equities ever recorded, and a concerning trend which Mr Chung attributes to a confluence of new fund launches, disappointing local equity results and MPF members trying to capitalize on the strong momentum of the US market. Find out more here: https://lnkd.in/eRJmq4ne #mpfratings #MPFRIntelligence #MPFRConsistentPerformers #MPFFastMover #MarketInsights #MPFMarketShare #MPFFundFlows #MPFNetReturns #MPFIndustry #pensionschemes #assetmanagement #investmentmanagement #mpf #investment #empf

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HKEX to Digitalise ETP Servicing Capabilities with Online Platform Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Tuesday) plans to digitise and automate the in-kind creation and redemption process for relevant exchange-traded products (ETP) in 2025 through the adoption of a web-based platform, subject to technical readiness and regulatory approval. This platform will be integrated into the ETP creation and redemption process, connecting key ETP participants with the use of Distributed Ledger Technology (DLT) and smart contracts, and will help increase overall ETP market efficiency, supporting the continued growth of secondary market activity for ETPs. This latest enhancement is part of the Group's ongoing commitment to further elevate the attractiveness and competitiveness of its international ETP ecosystem, replacing several manual, paper-based processes currently present with a goal to simplify the creation and redemption procedures of ETPs and boost market activity. #ETF #StockConnect #HKEX #HongKong #ETP

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Our latest insights from the MPF Fast Mover Report have indicated that, on a year-to-date basis, 5 sponsors are taking market share from the rest of the market, with HSBC and BOCI-Prudential leading the way and including top performers: ．AIA ．BOCI-Prudential ．Hang Seng ．HSBC ．Manulife Stay tuned! For further information: [email protected] #mpfratings #MPFScorecard #MPFHealthCheck #MPFFastMover #MPFRConsistentPerformers #MarketInsights #MPFMarketShare #MPFFundFlows #MPFNetReturns #MPFIndustry #pensionschemes #assetmanagement #investmentmanagement #mpf #investment #empf

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“Retirement investment reimagined” – our latest retirement research reveals a heightened sense of urgency among non-retired Hongkongers to save for healthcare needs during their retirement, compared to the pre-Covid era, alongside considerations related to inflation and the economic environment in retirement financial planning. Watch the video featuring Lesley-Ann Morgan, Global Head of Pensions and Retirement, to learn more. In the second episode, Lesley-Ann discusses potential solutions to enhance financial preparedness for retirement. https://okt.to/90Kwr7 #Investment #Retirement #Pension

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Did you know? 𝗔𝗠𝗟 𝗡𝗲𝘄𝘀: 𝗔𝗠𝗟 𝗣𝗲𝗻𝗮𝗹𝘁𝘆 𝗳𝗼𝗿 𝗔𝗜𝗔 𝗚𝗿𝗼𝘂𝗽 𝗟𝘁𝗱 (𝗛𝗼𝗻𝗴 𝗞𝗼𝗻𝗴) Recently, AIA Group Ltd. (the “Company”), an insurance company, was fined HK$23 million (approximately $3 million) by the Hong Kong Insurance Authority (IA) due to significant lapses in its anti-money laundering (AML) practices. 𝗪𝗵𝘆? According to the inspection, the Company had the following failures: 1. 𝗣𝗿𝗼𝗰𝗲𝗱𝘂𝗿𝗲𝘀 𝘁𝗼 𝗶𝗱𝗲𝗻𝘁𝗶𝗳𝘆 𝗣𝗼𝗹𝗶𝘁𝗶𝗰𝗮𝗹𝗹𝘆 𝗘𝘅𝗽𝗼𝘀𝗲𝗱 𝗣𝗲𝗿𝘀𝗼𝗻𝘀 (𝗣𝗘𝗣𝘀) - The Company's AML system failed to effectively screen and identify PEPs, leading to certain PEPs not being recognised. - The company manually screened group life business, failing to identify some PEPs. - The company did not conduct required enhanced due diligence measures or obtain senior management approvals for certain high-risk customers, including those identified as PEPs. 2. 𝗙𝗮𝗶𝗹𝘂𝗿𝗲𝘀 𝗶𝗻 𝗥𝗶𝘀𝗸 𝗔𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 𝗣𝗿𝗼𝗰𝗲𝘀𝘀 - The risk scores for customers in the AML System were generally not available until after the customers had been onboarded and a business relationship established. - The Company failed to apply enhanced due diligence for customers initially assessed as low-risk but subsequently flagged as high-risk by the AML system. These customers were allowed to continue their business relationships with the Company. 3. 𝗙𝗮𝗶𝗹𝘂𝗿𝗲𝘀 𝗶𝗻 𝗦𝘂𝘀𝗽𝗶𝗰𝗶𝗼𝘂𝘀 𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻 𝗠𝗼𝗻𝗶𝘁𝗼𝗿𝗶𝗻𝗴: - The company's AML system had filtering issues that led to some suspicious transaction alerts being automatically cleared without adequate rationale or documentation. - The process for monitoring complex or unusual transactions was not sufficiently robust, falling short of legal requirements. 4. 𝗔𝗻𝗻𝘂𝗮𝗹 𝗥𝗲𝘃𝗶𝗲𝘄𝘀 𝗼𝗳 𝗛𝗶𝗴𝗵-𝗥𝗶𝘀𝗸 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀: - The company failed to conduct annual reviews for several customers classified as high risk for money laundering or terrorist financing, leading to non-compliance with ongoing monitoring requirements. 5. 𝗜𝗻𝗮𝗱𝗲𝗾𝘂𝗮𝘁𝗲 𝗖𝗼𝗻𝘁𝗿𝗼𝗹𝘀 𝗼𝗻 𝗧𝗵𝗶𝗿𝗱-𝗣𝗮𝗿𝘁𝘆 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀: - The company accepted bank drafts (a cash equivalent) as premium payments without sufficient verification of the purchaser’s identity, allowing for potential anonymity in transactions. - For bank drafts below specific thresholds, the Company accepted self-declaration form from the policy holder declaring that he or she had purchased the bank draft. 6. 𝗪𝗲𝗮𝗸 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗮𝗻𝗱 𝗚𝗼𝘃𝗲𝗿𝗻𝗮𝗻𝗰𝗲 𝗢𝘃𝗲𝗿𝘀𝗶𝗴𝗵𝘁: - The compliance function did not effectively implement or monitor the company's AML/CFT controls. - There were significant gaps in governance, including failures in escalating issues to senior management, resulting in inadequate oversight and management of AML/CFT risks. #AML #AMLPenalty #AntiMoneyLaundering #Hongkong #HK #𝗔𝗜𝗔𝗚𝗿𝗼𝘂𝗽𝗟𝘁𝗱 #AIA #IA #CSP #ASSISSLtd #MENA #UAE #ADGM

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Enduring Strength of HK as Leading International Asset and Wealth Management Hub: SFC Survey 2023 On July 12, the Hong Kong Securities and Futures Commission (SFC) released its annual survey results. The key benchmarking metrics in the survey reaffirmed Hong Kong’s position as a premier asset and wealth management hub with a highly-diversified investor base, globalised asset allocation and robust fund inflows.   According to the Asset and Wealth Management Activities Survey 2023, investors outside Chinese Mainland and Hong Kong have consistently accounted for 54-56% of total asset under management (AUM) in the past five years, while 60% of the assets managed in Hong Kong are allocated to overseas markets. Over the past three years, the city also saw the number of Type 9 licensed firms (ie, asset management) increase steadily by 12% to 2,161 as of June 2024. Besides, overall AUM grew 2% year-on-year in 2023, while net fund inflows surged 342%. In addition, Hong Kong-domiciled funds authorised by the SFC also showed strength. They continued to see net fund inflows of $33 billion (US$4.2 billion) in the first quarter of 2024 after rebounding by a robust 93% to $87 billion (US$11.1 billion) last year. Their AUM also further increased 3% for the first quarter after growing 5% in 2023.

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Leveraging on our strong Chinese parentage, we are establishing ourselves as the China-ASEAN nexus, providing investors unparalleled access to opportunities in both regions. Read more in this exclusive interview with GCEO Carol Fong on The Digital Banker : https://lnkd.in/gVDefT44

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𝐇𝐚𝐧𝐠 𝐒𝐞𝐧𝐠 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐑𝐞𝐜𝐞𝐢𝐯𝐞𝐬 𝐒𝐢𝐱 𝐀𝐰𝐚𝐫𝐝𝐬 𝐟𝐨𝐫 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐄𝐱𝐜𝐞𝐥𝐥𝐞𝐧𝐜𝐞 𝐢𝐧 𝐆𝐁𝐀 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 Hang Seng Insurance (#HSIC) recently won six awards from Metro Finance, recognising its digital insurance platform and excellence in products and services for the GBA insurance market. The awards include: 🏆 InsurTech-Digital Insurance Platform Award 🏆 Outstanding Contributions to GBA Insurance Industry Award 🏆 Outstanding Legacy Planning Award 🏆 Outstanding Tax-Deductible Product Award 🏆 Outstanding Online Platform Award 🏆 Outstanding Claims Management Award The InsurTech-Digital Insurance Platform Award highlights the launch of Insurance Explorer, which offers a seamless user journey, helping customers easily find and understand the suitable insurance solutions. This award recognises HSIC’s commitment to enhancing digital engagement with innovative solutions. The five GBA awards show HSIC’s excellence and innovation in legacy planning, tax-deductible products, online platforms, and claims management, demonstrating its comprehensive insurance solutions. #HangSengBank #HangSengInsurance #Insurance #GBA 

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【𝗦𝘂𝗻 𝗛𝘂𝗻𝗴 𝗞𝗮𝗶 & 𝗖𝗼. 𝗖𝗼𝗺𝗺𝗶𝘁𝘀 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝘁𝗼 𝘁𝗵𝗲 𝗝𝗮𝗽𝗮𝗻 𝗔𝗹𝗽𝗵𝗮 𝗙𝘂𝗻𝗱 𝗡𝗲𝘄𝗹𝘆 𝗟𝗮𝘂𝗻𝗰𝗵𝗲𝗱 𝗯𝘆 𝗔𝗰𝘁𝘂𝘀𝗥𝗮𝘆𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀 】 Sun Hung Kai & Co. Limited (“SHK & Co.”) and its licensed funds management arm, Sun Hung Kai Capital Partners Limited (“SHK Capital Partners”), are pleased to announce their commitment to the 𝗔𝗰𝘁𝘂𝘀𝗥𝗮𝘆𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀 𝗝𝗮𝗽𝗮𝗻 𝗔𝗹𝗽𝗵𝗮 𝗙𝘂𝗻𝗱, which went live on 26 September 2024. This is in addition to SHK & Co.’s ongoing investments in ActusRayPartners’ Asian and European strategies. Other existing clients of ActusRayPartners have also expressed early interest in the Japan strategy. The equity long/short near market-neutral strategy seeks to generate alpha by identifying and capturing inefficiencies in the Japan equity market. ActusRayPartners employs its 𝘋𝘪𝘴𝘤𝘳𝘦𝘵𝘪𝘰𝘯𝘢𝘳𝘺 𝘗𝘳𝘰𝘣𝘢𝘣𝘪𝘭𝘪𝘴𝘵𝘪𝘤 𝘐𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨 process, which combines a quantitative base with discretionary adjustments to address quantitative deficiencies. This marks the third alpha strategy launched by ActusRayPartners, following the successful European strategy initiated in 2020 and Asian strategy launched in 2022. The European strategy received the HFM European Performance Award in 2023 and 2024 respectively, and the Asian strategy received the HFM APAC Performance Award in 2024. ActusRayPartners is a Hong Kong-headquartered asset management company equally co-founded by Andrew Alexander, Raymond Chan, and Patrick Cheung in 2019. Several members of the team previously worked together in the Quantitative Hedge Funds division of Macquarie Group. As of today, ActusRayPartners comprises of 27 colleagues based in Hong Kong and Sydney, managing over US$700 million across Asia, Europe, and Japan. Tony Edwards, Deputy CEO of SHK & Co., stated, "Congratulations to ActusRayPartners on the launch of their new fund. Since 2020, SHK & Co. has seeded and supported ActusRayPartners, and this further commitment reinforces our confidence in their capabilities and aligns with our investment objectives." “The launch of the Japan Alpha strategy represents an exciting milestone for us. We would like to express our gratitude to SHK & Co. for their continued support over the years,” said the co-founders of ActusRayPartners Limited. “We are eager to employ our proprietary 𝘋𝘪𝘴𝘤𝘳𝘦𝘵𝘪𝘰𝘯𝘢𝘳𝘺 𝘗𝘳𝘰𝘣𝘢𝘣𝘪𝘭𝘪𝘴𝘵𝘪𝘤 𝘐𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨 process in the pursuit of alpha for our investors in the Japan equity market.” Press release: https://lnkd.in/gDZH_crG #ActusRayPartners #JapanAlphaFund #NewLaunch #CommitCapital #FundPartnership

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🎖 Benchmark MPF Awards 2023 🎖 Congratulations to the winners of the Benchmark Fund of the Year Awards as we celebrate Benchmark Hong Kong's 20th anniversary!  This is also the year we co-organize the award with the most disruptive Sustainability and Qualitative analytic platform, BlueOnion, as a co-organizer with WealthAsia Media.  The Awards represented a meticulous, methodical process.     Benchmark defines the competition by three distinct groups of stakeholders: Investment Management, Trustee, and Sponsors, all performing specific functions to serve the members of their schemes.    BCT Group ("BCT") is named Trustee of the Year at the Benchmark MPF Awards 2023. Benchmark recognizes BCT’s exceptional governance through its commitment to robust risk management and proactive engagement with members. Their innovative mobile app enhances user experience, and their focus on strong investment performance reflects a dedication to member interests.   BCT Group - BCT Financial Ltd & Bank Consortium Trust Co Ltd #trusteeoftheyear2023   HSBC won the highest score for Investment Manager and is named Investment Manager of the Year at the Benchmark MPF Awards 2023, with the highest winning ratios in qualitative and quantitative categories. HSBC was recognized for its strong commitment to good governance practices as a trustee. They engage with underperforming companies to drive improvement and integrate ESG considerations. HSBC MPF offers excellent member education through public workshops and forums, and consistently delivers strong investment performance at low cost.  HSBC #HSBCpensions #investmentmanageroftheyear2023   Sun Life Hong Kong ("Sun Life") is named Sponsor of the Year at the Benchmark MPF Awards 2023. Sun Life demonstrated significant advancements in technology, enhancing member and employer engagement through diverse information and interaction options. Their consistent recognition in industry awards highlights their commitment to excellence and customer satisfaction.  Sun Life #sponsoroftheyear2023 #benchmarkMPFaward2023

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