STATE STREET BANK AND TRUST COMPANY
SFC fines State Street Global Advisors HK$4m over Tracker Fund management
SFC, 15-Jun-2016
The Tracker Fund always has a small amount of cash on hand, and SSGA failed to get the best rate on deposits, getting zero from its own bank rather than 0.01% from the market. To compensate, it is paying HK$318,315 into the fund, or about 0.00044% of NAV. Don't spend it all at once. Our take: the Tracker Fund remains the most efficient way for those who cannot pick stocks to own a piece of the HK market, costing around 0.1% p.a. compared with almost 2% on your MPF funds.
SFC, 15-Jun-2016
The Tracker Fund always has a small amount of cash on hand, and SSGA failed to get the best rate on deposits, getting zero from its own bank rather than 0.01% from the market. To compensate, it is paying HK$318,315 into the fund, or about 0.00044% of NAV. Don't spend it all at once. Our take: the Tracker Fund remains the most efficient way for those who cannot pick stocks to own a piece of the HK market, costing around 0.1% p.a. compared with almost 2% on your MPF funds.
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