The Mandatory Provident Fund is reducing administration fees for 378 investment funds by 21.6% starting April 1, aiming to save US$6.4 billion in 10 years.

The electronic platform of the Mandatory Provident Fund (eMPF) will cut administration fees for 378 investment funds by more than 21 per cent from April 1, the pension regulator said on Tuesday, adding that this will achieve its cost-saving target of HK$50 billion (US$6.4 billion) in less than 10 years. Financial Secretary Paul Chan Mo-po approved the reduction, which would lower administration costs from 0.37 per cent to 0.29 per cent of assets under management, representing a 21.6 per cent fee...