Invesco, BCT reach a long term agreement on MPF scheme

  • BCTF to become sponsor of the Invesco Strategic MPF Scheme (“the Scheme”)
  • Invesco to remain as the sole investment manager of the Scheme
  • Invesco’s unwavering long-term commitment to the Hong Kong MPF market remains
  • Strategic partnership will enhance member experience in the evolving pension landscape

Hong Kong, 23 May 2023 – BCT Group (“BCT”), comprising BCT Financial Limited (“BCTF”) and Bank Consortium Trust Company Limited (“BCTC”), and Invesco Hong Kong Limited, a wholly owned subsidiary of Invesco Ltd. (“Invesco”), today announced that they have entered into a definitive agreement, whereby BCTF will become the plan Sponsor for the Invesco Strategic MPF Scheme. BCTC will also continue their role as Administrator and Trustee while Invesco will continue as Investment Manager for the Scheme. The change is expected to take place in 4Q 2023 pending required approvals from the Mandatory Provident Fund Schemes Authority and the Securities and Futures Commission of Hong Kong.

BCT is a major MPF service provider and one of the largest trust companies in Hong Kong, focusing on the provision of pension (including MPF & ORSO) products and asset servicing solutions. The change leverages BCT’s decades of expertise in sponsoring MPF plans.

Invesco is one of the most experienced independent investment firms globally, having operated and invested in the Asia Pacific region for more than 60 years, with Hong Kong serving as the company’s regional headquarters. With the changing retirement needs of MPF investors, Invesco will put more focus in managing retirement assets with its 40+ years of experience in the Hong Kong pension market.

BCT and Invesco have managed the Scheme since 2006, with BCTC acting as Administrator and Trustee and Invesco acting as Sponsor and Investment Manager. With the combined expertise of both organizations, BCT and Invesco can build on their own strengths and deliver even better value for the clients of Invesco.

After the announcement, BCT and Invesco will form a new investment committee to collaborate on additional product innovation to further enrich members’ investment experience in pre- and post-retirement phases of their lives.

“Hong Kong’s pension market has huge potential while MPF investments play a critical role in securing future retirement income. We are excited to continue our partnership with Invesco and welcome the MPF clients from Invesco to BCT. Such partnership strengthens our presence in the MPF market and demonstrates our strong commitment to providing our clients with compelling services and solutions which will empower them to achieve their retirement goals,” said Ms. Jamie Lee, Managing Director & CEO of BCT Group.

Mr. Terry Pan, Chief Executive Officer for Greater China, Southeast Asia and Korea at Invesco, commented: “Invesco takes great pride in serving the Hong Kong pension market. With our continued commitment in Hong Kong, we believe that this change will further enhance our focus in managing our clients’ retirement assets as an independent investment manager and we look forward to continuing to work with BCT and to serve the highly important Hong Kong pension market.”

Existing participants in the Scheme will benefit from a more streamlined service built on BCT and Invesco’s two decades long partnership.

About BCT

BCT Group comprises BCT Financial Limited (“BCTF”) and Bank Consortium Trust Company Limited (“BCTC”), with strong shareholders group comprised of a consortium of 8 reputable financial institutions (namely, Asia Financial, Chong Hing Bank, CMB Wing Lung Bank, Dah Sing Bank, Fubon Bank, ICBC Asia, OCBC Wing Hang and Shanghai Commercial Bank). BCT Group is a major pension product provider and one of the largest trust companies in Hong Kong offering pension products and professional services for MPF, pension and investment funds. BCTF acts as sponsor and distributor of pension products whilst providing customer service, investment planning services (IPS) and retirement planning services (RPS) as well as investor education. BCT started off with a dedicated mission: to provide best-in-class MPF/ORSO products and solutions for the Hong Kong working population, while expanding its one-stop services of trustee, administrator and custodian for pensions and investment funds. As of 31 December 2022, the firm’s assets under administration exceeded HK$180 billion, serving over 1.2 million member accounts.

About Invesco

Invesco Ltd. (NYSE: IVZ) is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. With offices in more than 20 countries, our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. For more information, visit www.invesco.com.

Important information

This article is for trade press for informational purposes only. Circulation, disclosure, or dissemination of all or any part of this article to any person without the consent of BCT/Invesco is prohibited.