CPF swaps out Morningstar for Mercer

Added 17th February 2016

After eight years using Morningstar to support due diligence for its fund selection, Singapore’s Central Provident Fund Board has switched investment consultants to Mercer.

CPF swaps out Morningstar for Mercer

The appointment of Mercer will take effect from 7 March 2016, according to a spokeswoman for the board.

“This is part of an ongoing renewal of contract, and the board appoints based on which vendor could best meet the evaluation criteria," she said.

The CPF is Singapore’s mandatory employment-based savings plan. As of 2015, 31 asset management firms and 10 insurance companies, nearly all big global names, were product providers included under the scheme. 

Morningstar had been the investment consultant for the CPFIS since 2008. The consultant’s role is evaluating the product providers as well as their products such as mutual funds, investment-linked insurance products and ETFs that aim to be included under the CPFIS.

According to some industry sources, who declined to be named, the move raises uncertainty as to which funds will be up for review and how the methodology for fund selection will change.

The board will be holding a closed-door briefing for the asset management industry on the change in investment consultant, CPF officials said, though no date was provided.

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