YF Life Trustees Appoints Barings as Investment Manager for MPF Funds

Jul 13, 2026

YF Life Trustees Limited (YF Life Trustees) announced the appointment of Baring Asset Management (Asia) Limited (Barings), a global asset management company, as the investment manager for two constituent funds: the "Hong Kong Equities Fund" and the "Greater China Equity Fund"¹. This strategic partnership aims to combine Barings’ deep institutional investment experience with YF Life Trustees' professional MPF services, assisting scheme members in building long-term retirement protection through reduced management fees.

In MPF investing, cost management is critical to long-term returns. To this end, YF Life Trustees' appointment of Barings to manage these funds comes with reduced management fees that lower the overall costs borne by members. Specifically, the total annual management fees for the "Hong Kong Equities Fund" and the "Greater China Equity Fund" have been reduced to 0.82% and 0.95%, respectively. Setting fees at a reduced levels may help enhance net returns over the long term. The "Hong Kong Equities Fund" and the "Greater China Equity Fund" have consistently been among the most popular investment choices for scheme members. Both MPF investment strategies are designed with a core focus on long-term outcomes, fully reflecting the importance of maintaining a disciplined investment approach across diverse market environments.

Mr. Alvin Tse, Chief Executive Officer of YF Life Trustees, stated: "Hong Kong and Greater China equities have always been core allocations for MPF members, reflecting their confidence in the long-term growth of the local and national economy. We are thrilled to partner with Barings. By leveraging their outstanding investment capabilities and our unwavering commitment to low fees, we are able to provide members with more efficient and cost-effective investment choices, helping them manage their retirement assets flexibly across different economic cycles."

Mr. Eric Jan, Head of Greater China and Southeast Asia at Barings, said: "We are pleased to build on our existing long-term strategic partnership with YF Life Trustees and appreciate the close collaboration that has enabled us to manage the two constituent funds for members. Barings has been a long‑term investor in the Hong Kong and China markets, with deep expertise and local knowledge developed over multiple market cycles. This experience allows us to support investors in navigating changing market conditions while remaining focused on their long‑term retirement objectives."

From a market perspective, Hong Kong, China, and the broader Greater China region continue to play a vital role in long-term investment portfolios, offering differentiated growth drivers and evolving investment opportunities. China’s long-term strategic planning and policy continuity reinforce its position within the regional and global economy, while its close economic integration with Hong Kong remains highly relevant to local investors and retirees.

Mr. Jeffrey Tse, Head of APAC Multi-Asset at Barings, said: “In managing portfolios with exposure to Hong Kong and Greater China equities, we consider a range of structural themes that may influence long-term investment opportunities in the regions, including continuous advancements in technology, semiconductors, and artificial intelligence, as well as further developments in new energy supply chains and automation. At the same time, the economic transition toward more innovation‑led and consumption‑driven growth is contributing to an increasingly diverse opportunity set across sectors and markets.”

This strategic collaboration between YF Life Trustees and Barings represents not only an optimization of investment management, but also a shared commitment to enhancing the long-term interests of MPF scheme members. By combining Barings’ extensive global market insights with YF Life Trustees’ deep local service experience, we are dedicated to providing scheme members with more resilient and cost-effective investment solutions in a challenging investment environment, helping members achieve their robust retirement goals while contributing to the continuous development of Hong Kong's MPF market.

¹The appointment of Baring as the investment manager for the relevant funds took effect on May 11, 2026.

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About YF Life Trustees & YF Life
YF Life Trustees is a member of YF Life Insurance International Limited (YF Life), and was among the first group of institutions approved as a Mandatory Provident Fund (MPF) scheme trustee. The company specializes in providing MPF services and is committed to creating long-term value for its scheme members.
The major shareholders* of YF Life Insurance International Limited (YF Life) include Massachusetts Mutual Life Insurance Company (MassMutual), which itself has over 170 years of experience and is one of the Five Largest US Life Insurance Companies**, as well as Yunfeng Financial Holdings Limited, among others. YF Life is a long-term strategic partner of Barings. We stay at the forefront of Hong Kong’s insurance industry with our superior global investment capabilities, extensive partnership network, and fintech innovation.

*MassMutual and Yunfeng Financial Holdings Limited have indirect shareholdings in YF Life Insurance International Limited.
**The “Five Largest US Life Insurance Companies” are ranked according to the results of “Insurance: Life, Health (Mutual)” and “Insurance: Life, Health (Stock)”on total revenues for 2024, and based on the FORTUNE 500 as published on June 2, 2025.

About Barings
Baring Asset Management (Asia) Limited (“Barings”) is a subsidiary of Barings LLC which is part of the Barings Group. Barings Group is a US$481 billion^ global alternative asset manager that partners with institutional, insurance, and wealth clients, and supports leading businesses with flexible financing solutions. Barings LLC, a subsidiary of MassMutual with a minority investment from MS&AD, seeks to deliver excess returns by leveraging its global scale and capabilities across credit, real assets and capital solutions. Learn more at www.barings.com

^As of March 31, 2026

Important Note: Investment involves risks. The value of investments may go down as well as up and investors may suffer significant loss. There is no guarantee of investment returns and past performance is not indicative of future performance. Members should read the relevant MPF Scheme Brochure (including the risk factors) and carefully consider your own risk tolerance level before making any investment decisions. If you are in doubts as to whether a constituent fund is suitable for you, you should seek independent professional advice where appropriate. This document is issued by YF Life Trustees Limited.