Checking up on your custodian

Trustee boards "don't take an enormous interest in the activities of their custodians", says Keith Yuen, secretary and investment adviser to the MTRCL Retirement Scheme, one of the biggest employee pension plans in Hong Kong with HK$3.4 billion in assets. "But they should."Yuen says sponsors are too concerned with the solvency of the scheme and whether its assets match its liabilities to focus on the day-to-day operations of their back office. "But we really should pay more attention …