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HSBC looks at passive offering for Openfunds

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HSBC Global Asset Management is looking to add a passive offering to its Openfunds multi-manager range.

HSBC Global Asset Management managing director of UK wholesale Andy Clark says a global passive fund is something the group is working towards as it believes the market share for passive funds is likely to increase from 10 to 20 per cent.

Speaking in this week’s Money Marketing, Clark says the fund would invest in a number of exchange-traded fund and index trackers and would look similar in structure to the firm’s global return fund, which launched in November 2006 and has exposure to around 12 asset classes.

He says: “We are big believers in the passive space. One of the stumbling blocks is whether we can get enough diversification for the fund, which is one of the hallmarks of the Openfunds range.”

Annual management charge would be 0.9-1 per cent.

T Bailey launches its passive fund of funds this week.

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