What proportion of funds applying for admission into CPF Investment Scheme (CPFIS) has been successful? What is the target under the revised criteria?
Fund managers would generally assess the quality of their funds using the published CPF Investment Scheme (CPFIS) evaluation criteria before applying for inclusion under CPFIS. Thus far, funds within the top 50 percentile in their global peer group1 have been successful in their application for admission into CPFIS, and the majority of funds that have applied for admission into CPFIS have been admitted.
New funds will need to meet a higher criterion - i.e. they must be among the top 25 percentile of funds. Going forward, we do not expect a significant change in the success rate of application as managers would continue to assess the quality of their funds against the CPFIS evaluation criteria before application.
1This refers to comparison of funds of similar asset class/strategy on a world-wide basis.