For information only. Not advice, recommendation, or solicitation. Data has not been independently verified — always verify directly with the authorised intermediary or fund provider before making decisions.
At a glance
Manulife (宏利) and AIA (友邦) are the two most-searched MPF trustees in Hong Kong. Manulife runs the largest single MPF scheme (Manulife Global Select), while AIA runs two main schemes (AIA MPF Pro and AIA MPF Prime Value Choice through AIA Trustee, AIAT). The right choice depends on the funds you actually plan to hold — not the brand.
Side-by-side summary
| Metric | Manulife | AIA (incl. AIAT) |
|---|---|---|
| Constituent funds tracked | 35 | 32 |
| Avg. Fund Expense Ratio (FER) | 1.36% | 1.25% |
| Avg. 5-year return (p.a.) | 3.1% | 5.1% |
| Avg. 10-year return (p.a.) | 5.7% | 6.8% |
| DIS Core Accumulation FER | ≈ 0.78% | ≈ 0.75–0.79% |
| Flagship scheme | Manulife Global Select | AIA MPF Prime Value Choice |
Aggregates calculated across all funds in our database (sourced from the MPFA). Past performance is not indicative of future results.
Fund returns
Across our data, AIA's funds show higher average annualised returns on a 5- and 10-year basis, partly because AIA's lineup is concentrated in fewer, larger equity and DIS funds. Manulife's range is broader — it has more single-country and sector funds (e.g. Japan Equity, Greater China Equity), which adds dispersion: the top Manulife fund (Japan Equity) outperformed every AIA fund over 5 years, while several Manulife regional bond and conservative funds dragged the average down.
Takeaway: an average across all funds is a weak signal on its own. The decision that matters is the specific fund or DIS option you'll hold — compare those directly.
Fees (Fund Expense Ratio)
AIA's average FER (≈1.25%) sits below Manulife's average (≈1.36%). On the DIS Core Accumulation Fund — where most passive savers default — both providers are inside the regulatory cap of 0.75% management fee + 0.20% recurrent out-of-pocket expenses. A 0.10–0.15% gap may sound trivial; over a 30-year MPF career it compounds to several percent of final balance.
Scheme features
Manulife Global Select (MPF) Scheme
- Largest single MPF scheme by AUM in Hong Kong.
- 30+ constituent funds incl. single-country (Japan, Hong Kong, China Value) and sector tilts.
- Guarantee fund available (interest-rate guaranteed).
- DIS funds inside the statutory fee cap.
AIA MPF — Prime Value Choice / MPF Pro
- Two flagship schemes covering core, regional and ESG ('Green') equity options.
- Lower average FER across the constituent fund range.
- Strong long-run track record on US and global equity sleeves.
- DIS funds inside the statutory fee cap.
How to choose
- Decide your investment mix first (DIS, all-equity, balanced, conservative).
- Compare the specific funds you'd hold side-by-side — returns net of FER, not headline returns.
- Use the Employee Choice Arrangement (ECA) — you can transfer the employee mandatory portion once per calendar year.
- Re-check fees and performance annually; switching costs are low relative to fee drag over decades.
Compare with live data
Open the MPF comparison tool to filter Manulife and AIA funds side by side, sort by FER, 5-year return, or fund size, and select up to five funds for a head-to-head chart.
FAQ
Is Manulife MPF better than AIA MPF?
Neither is universally 'better'. AIA shows lower average fees and stronger average historical returns in our dataset, while Manulife offers more single-country and sector funds for investors who want to tilt their allocation. Compare the specific funds you plan to hold.
Can I switch from Manulife MPF to AIA MPF?
Yes. Under the Employee Choice Arrangement you can transfer the employee mandatory portion of accrued benefits to another MPF trustee once per calendar year. Your current employer's contributions stay with the employer's chosen scheme until you change jobs.
Are both providers regulated by the MPFA?
Yes. All MPF trustees, schemes and constituent funds in Hong Kong are registered with and regulated by the Mandatory Provident Fund Schemes Authority (MPFA).