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     FrontPage Edition: Thu 29 Dec 2005

CPF Board tightens admission criteria for new CPFIS funds


CPF Board Tightens CPF Investment Scheme (CPFIS) Admission Criteria for Funds1

From 1 February 2006, new funds will have to meet more stringent admission criteria to be included into the CPFIS. Existing funds will not be affected.


A higher evaluation benchmark


To be admitted into CPFIS, new funds must meet the revised benchmark set at the top 25 percentile of funds in their global peer group2 , higher than the existing benchmark of top 50 percentile.


The evaluation benchmark is based on a number of factors such as the capability of the fund managers, the investment philosophy of the fund, its key decision makers, the appropriateness and quality of its research and analysis and its portfolio construction and implementation.


An expense ratio that is lower than the median of existing CPFIS funds in its risk category.


High cost of investment severely erodes returns. Hence, to lower the cost of investment, the admission criterion will be set at the median of the expense ratios. The median expense ratios will be reviewed annually. See Annex A for the median expense ratios of existing CPFIS funds as at end 2004.

Click here for the Frequently Asked Questions.
New Funds into the CPFIS should preferably have a track record of good performance for at least 3 years.
The Board will also step up its education efforts and provide more information on the performance and cost of funds (like expense ratios, front-end loads etc) within the CPFIS.
CPF members must understand and ultimately bear the risks of their investment choices. These new measures are aimed at improving the quality of funds in CPFIS and to help members make better informed investment decisions.
For more details, please log on to  or call the CPF Call Centre at 1800 - 227 1188.
More..... (Annex)

Source: News Release 29 Dec 2005

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