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Posted inProduct News


FIDELITY LAUNCHES POST-RETIREMENT INVESTMENT FUND

The Retireeasy Fund aims to achieve a stable overall return higher than Hong
Kong inflation.
by Michelle Ng 16 February 202216 February 2022

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TERENCE KAN, FIDELITY

After retirement, it is more important for retirees to stay invested to beat
inflation and meet their financial obligations, argues Fidelity, but the
investment manager has seen most seniors withdrawing their savings in their MPF
accounts once they reach 65 years old.

“There was a lack of post retirement product in Hong Kong, and it limits the
choice for the retiree to choose from. But we are now launching the Retireeasy
Fund to beat inflation and generate stable return, in hopes of possibly changing
the mind set of those retirees,” Terrence Kan, portfolio strategist at Fidelity
International, told FSA.

The product, which is managed by Pek Ng, currently allocates almost 40% of its
AUM in global bond funds, 31% in global equity, and almost 20% in global
corporate bond funds.



Looking at the top 10 holdings, the HK$3.3m ($423,014) fund invests mostly in US
treasuries and Germany bunds.

“The overall strategy of the fund is to be conservative, so we invest in
investment grade global government and corporate bonds. For instance, US
treasuries and Germany bunds have a bigger representation in the fixed income
market, thus a higher stability,” explained Kan.

Kan said the fund may also invest in Chinese government bonds, which generally
have a higher yield than its government bond peers.

For investment grade corporate bonds, Kan said Fidelity chooses companies which
have strong earnings and potential room for credit rating improvement. In
particular, he favours names in the technology and consumer sectors.

However, with fears over hiking rates, the fund can allocate up to 50% of its
AUM in global equities.

Yet, to avoid volatility in the emerging market, Kan said the fund is mostly
focused on developed market stocks and would avoid investing in China A shares.


MORE FLEXIBLE THAN ANNUITIES

Compared with annuities, another popular post-retirement product, Kan believes
that while an annuity aims to provide a steady cashflow for a longer period of
time, the Retireeasy Fund, which charges 1.2% fee, has a focus on beating
inflation within the expected life expectancy.

Fidelity also believes it is important to allow high flexibility for retirees to
withdraw their savings, so they have launched the “Fidelity MPF Flexible
Retirement Solution”.

The online platform allows retired seniors to flexibly pre-set a withdrawal plan
based on their needs and is equipped with a retirement withdrawal planner to
help their customers to project their regular optimal withdrawal amount.

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Tagged: Fidelity, retirement product



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