- Paula Ip, a veteran ex-UBS executive with 30+ years’ experience, has been appointed CEO of the Hong Kong Investment Funds Association effective 2 January 2026.
- Her mandate comes amid surging Hong Kong retail fund flows, with 2025 year-to-date gross sales and net inflows already exceeding full-year 2024 levels, led by fixed income and renewed interest in mixed-asset and global equity funds.
- MPF assets have surpassed HK$1.5 trillion with growing use of Default Investment Strategy funds and new asset classes, making system reform, digitisation, and fee and experience improvements core to HKIFA’s agenda.
- HKIFA is also prioritising investor education and anti-scam initiatives while balancing product innovation, regulatory oversight, and evolving distribution channels under Ip’s leadership.
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The appointment of Paula Ip as CEO of HKIFA effective 2 January 2026 comes at a critical juncture. The fund industry in Hong Kong is riding momentum from strong retail demand, widening product innovation, and regulatory modernization. Her background—UBS Global Wealth Management leadership over fund advisory and distribution across North Asia, plus experience at GAM, ING, and JP Morgan—positions her to spearhead HKIFA’s ambition to leverage these macro tailwinds. [1][3][9]
One central strategic implication will be how Paula leverages the surging retail fund flows. With gross sales in retail funds reaching US$82.6 billion and net inflows exceeding US$15.7 billion in the first three quarters of 2025—already exceeding 2024’s full-year net inflows—there is an urgent opportunity to shape distribution strategies, fee models, and investor education. Fixed income continues to be the primary growth driver, but mixed-asset and global equity funds are showing signs of renewed interest, indicating a shift in risk tolerance and diversification demands. [5][6]
Another key area is MPF reform and system enhancement. MPF assets surpassed HK$1.5 trillion by Q3 2025, with returns, performance, scope of investible assets, and digital platforms like eMPF evolving. Demand is growing for diversified strategies, fee competition, and simplified user experiences—elements that fall squarely in the mandate HKIFA influences via both consultation with regulators and industry standards. [6][5]
Education and investor protection will remain high on the agenda. Given anti-scam concerns and the growing scale of retail participation, HKIFA’s recent launch of an investment fund education animation series, including anti-scam collaboration with the Securities and Futures Commission, will likely be a centrepiece of its outreach efforts. [5]
Challenges and open strategic questions include: how HKIFA under Ip will balance innovation (e.g. product variety, global themes) with regulatory oversight; how to maintain investor confidence amid global valuation concerns and macro risk; whether distribution channels will adapt rapidly; and how MPF reforms—specifically DIS adoption, full portability, and digital consolidation—are implemented without introducing operational frictions. These will shape both risks and upside under her stewardship.
Supporting Notes
- Paula Ip’s appointment: has over 30 years’ experience; most recently MD at UBS Global Wealth Management overseeing fund advisory & distribution across North Asia; previously held senior roles at UBS, GAM, ING, and J.P. Morgan Asset Management. [1]
- Effective immediately as CEO of HKIFA. [1]
- Retail fund market in Hong Kong gross sales USD 82.6 billion in first three quarters of 2025—surpassed full-year 2024 sales; net inflows USD 15.7 billion YTD, up 44% vs same period 2024. [5]
- Fixed income funds accounted for USD 10.8 billion of these net inflows; mixed-asset funds USD 1.7 billion (reversing prior outflows); money market funds USD 2.9 billion, though with recent net outflows. [5]
- Hong Kong MPF assets reached HK$1.5 trillion in first nine months of 2025, with average member gains of roughly HK$43,225; all MPF fund categories posted positive 12-month returns amid volatility. [6]
- DIS funds obtained over 50% of MPF quarterly net inflows in Q3 2025, with member behaviour shifting toward diversified and age-based strategies. [7]
- HKIFA’s investor education animation series (“Fund Master TV”) launched mid-October; 1.6 million cumulative impressions by late November; includes anti-scam content. [5]
- Recent MPF reforms included broader permissible asset classes (REITs, gold ETFs, private equities), clarification for Mainland debt securities investment, plus eMPF platform and full portability initiatives. [6]
Sources
- [1] hkifa.org.hk (HKIFA) — 02 January 2025
- [5] hkifa.org.hk (HKIFA) — 26 November 2025
- [6] hkifa.org.hk (HKIFA) — 04 June 2025
- [7] mpfratings.com.hk (MPF Ratings) — 16 October 2025