Fidelity cuts MPF fees by 55.5 basis points

Backdating to October 1, 2007, all members of FidelityÆs Mandatory Provident Fund scheme will see fee reduction by as much as 55.5 basis points. The firm currently serves over 210,000 members in MPF for a total AUM of $1.3 billion and a 4% market share. Around 69% of FidelityÆs MPF portfolio is invested in its equity, bond and multi-manager funds, 19% in straight equity, 2% in bonds and another 10% in capital preservation funds.ôWe are not making noise here,ö says Evan Hale, managing …