Hong Kong has about 9% more pension funds than it did a year ago, according to the annual report of the Office of the Commissioner for Insurance and the ORSO Registrar. The report claims that the increase is due to preparations by the government for Hong Kong's first Mandatory Provident Fund.
The number of retirement plans registered under the Occupational Retirement Schemes Ordinance increased to 16,324 by the end of last year. The total number of registered and exempted ORSO schemes rose to 18,259.
Norfolk County Retirement System, Dedham, Mass., with $309 million in assets, tomorrow will pick a U.S. long-term fixed-income manager to run a $24 million portfolio, and an international bond manager to run a $16.8 million portfolio.
Finalists for the domestic bond portfolio are BEA Associates, Income Research & Management and Ryan Labs. Finalists for the international portfolio are Independence Investment, Wellington and Guinness Flight, the system's current global bond manager, with about a $10 million portfolio.
Also, the system picked MFS as a short-term U.S. bond manager to manage $37.5 million, said Timothy Cahill, county treasurer. Funding will come from cutting back by $20 million its U.S. intermediate bond portfolio with Loomis Sayles and reducing the size of its passive equity portfolio with State Street Global, which now has $25 million in a Russell 1000 growth portfolio.
RhumbLine, which runs a $24 million S&P 500 index fund, was retained, but its index was switched to the Russell 1000 value index.