Singapore's Central Provident Fund board is calling on participants in the asset management industry to comment on its just-released consultation paper on its intention to introduce a private pension plan PPP that may create big opportunities for a handful of fund managers and administrators - and eventually upend the retail funds market.
The government is keen to boost its role as a fund management hub and beef up citizens' savings by encouraging them to invest some of their CPF money into unit trusts. But CPF members must pay full retail prices, which are high in Singapore, given the lock that large banks have on the market typically banks charge a 5% front-end load....
