MPF managers under fire for fees amid Covid-19 rout

Hong Kong’s Mandatory Provident Fund (MPF) providers are coming under renewed political and market criticism after recording their worst-ever quarterly loss in the first three months of this year, yet still pocketing high management and administration fees. That has prompted calls for fees to be cut, while the broader financial stresses have led to some calls for savers to be allowed to withdraw funds. But defenders of the system say a modernisation of the system should reduce fee…