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Management Company

 

          To manage provident fund, a management company must hold private fund management license. Such management company can be commercial bank, finance company, securities company, mutual fund management company, life assurance company who

            (a) Must have financial status as specified by the law.

            (b) Must have/show readiness in managing provident fund. .

            (c) Must have/show readiness of the staff responsible for managing provident fund

 

          Although management fee is freely negotiable, but the law prohibits management company to charge fee only on the marginal net asset value of the fund or profits from investment. Normally, management fee is based on net asset value (NAV) of the fund. Moreover , the management company is not allowed to promise or guarantee any fixed benefit or assure against any loss.

 

          In the aspect of disclosure requirement , management company is required to report the total amount of money and total number of units which contributed by both employer and employee to each member of the fund twice a year, normally as of June and December.

 

           Moreover fund managers responsible for decision-making on investment of the fund must be registered with the office of the SEC. They have to be full-time staff of management companies. Fit and proper qualifications of fund managers who


           (a) Have professional knowledge as required by the Association of Investment Management Companies (AIMC) such as CISA I and CFA I,

          (b) Have general knowledge of related laws, regulations and professional ethics by passing a test arranged by AIMC, and

          (c) Have no adverse track record.


          Click for list of management companies

 


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Last update : April 3, 2006

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