A fixed investment management fee of up to HK$75,000 per month is charged and paid out of the assets of the BCT (Pro) Hang Seng Index Tracking Fund. The fee is payable on a monthly basis and accrues daily pro-rata to the number of days in a month. The fee is payable to Invesco as the investment manager of the BCT (Pro) Hang Seng Index Tracking Fund for its investment management services including, but not limited to, investing all member and employer contributions to the BCT (Pro) Hang Seng Index Tracking Fund according to the applicable investment guidelines, and the acquisition and disposal of units in the underlying ITCIS.
Operators of an MPF Scheme
Plan Sponsor BCTF
Trustee BCTC
Administrator BCTC
Custodian BCTC
Fund Manager
Plan Sponsor BCTF
- Determine pricing structure & fee discount for clients
- Design MPF scheme including selecting fund managers & investment choices for members
- Establish performance benchmarks for constituent funds
- Promote / market the scheme and provide member service
Trustee BCTC
- Perform fiduciary & statutory duties, diligently and responsibly
- Appoint administrator, fund manager & custodian, oversee & monitor such service providers
- Hold title to trust assets on behalf of scheme members & authorise benefit payments
- Regulatory & compliance reporting
Administrator BCTC
- Keep proper accounts & records of scheme / members / investment funds
- Provide members with benefit statements and relevant information on a regular basis
- Calculate net asset value per unit of trust funds
Custodian BCTC
- Safekeep underlying securities & cash
- Settle purchase / sale of securities
- Act on trustee’s instruction
- Appoint appropriate sub-custodian
Fund Manager
- Provide independent investment management
- Formulate investment policy, strategy & benchmarks
- Comply with respective investment guidelines / regulations & investment policies
- Monitor investment restrictions
Plan Sponsor BCTF
Plan Sponsor BCTF
- Determine pricing structure & fee discount for clients
- Design MPF scheme including selecting fund managers & investment choices for members
- Establish performance benchmarks for constituent funds
- Promote / market the scheme and provide member service
Trustee BCTC
Trustee BCTC
- Perform fiduciary & statutory duties, diligently and responsibly
- Appoint administrator, fund manager & custodian, oversee & monitor such service providers
- Hold title to trust assets on behalf of scheme members & authorise benefit payments
- Regulatory & compliance reporting
Administrator BCTC
Administrator BCTC
- Keep proper accounts & records of scheme / members / investment funds
- Provide members with benefit statements and relevant information on a regular basis
- Calculate net asset value per unit of trust funds
Custodian BCTC
Custodian BCTC
- Safekeep underlying securities & cash
- Settle purchase / sale of securities
- Act on trustee’s instruction
- Appoint appropriate sub-custodian
Fund Manager
Fund Manager
- Provide independent investment management
- Formulate investment policy, strategy & benchmarks
- Comply with respective investment guidelines / regulations & investment policies
- Monitor investment restrictions
Operators of an MPF Scheme
Plan Sponsor BCTF
- Determine pricing structure & fee discount for clients
- Design MPF scheme including selecting fund managers & investment choices for members
- Establish performance benchmarks for constituent funds
- Promote / market the scheme and provide member service
Trustee BCTC
- Perform fiduciary & statutory duties, diligently and responsibly
- Appoint administrator, fund manager & custodian, oversee & monitor such service providers
- Hold title to trust assets on behalf of scheme members & authorise benefit payments
- Regulatory & compliance reporting
Administrator BCTC
- Keep proper accounts & records of scheme / members / investment funds
- Provide members with benefit statements and relevant information on a regular basis
- Calculate net asset value per unit of trust funds
Custodian BCTC
- Safekeep underlying securities & cash
- Settle purchase / sale of securities
- Act on trustee’s instruction
- Appoint appropriate sub-custodian
Fund Manager
- Provide independent investment management
- Formulate investment policy, strategy & benchmarks
- Comply with respective investment guidelines / regulations & investment policies
- Monitor investment restrictions
