Activist calls for abolishing MPF

After weathering political attacks during its early days and three years of bear equity markets, Hong Kong's Mandatory Provident Fund (MPF) has now found a new enemy just as members are starting to benefit from dollar-cost averaging. Shareholder activist David Webb, best known for his excoriating attacks on corporate governance abuses and Hong Kong Stock Exchange and regulatory complacency, recently fired off a broadside against the MPF that says its fee structure makes it a loss for investors and a giveaway to banks, insurance companies and fund managers.