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First bank to announce multi-tie agreement

HSBC has become the first bank to multi-tie, offering high street customers funds from five leading management companies, and its own.

The bank, which has over 1500 branches in the UK, will offer funds from Fidelity, Gartmore, Invesco Perpetual, JP Morgan Fleming and Schroders, as well as HSBC Asset Management, from February 28.
Together with HSBC, the multi-tie managers manage a quarter of the UKs funds under management, worth 64bn.

Investors will be able to benefit from big name managers, for example Invesco Perpetual manager Neil Woodford, Schroders Andrew Rose, and Fidelitys Anthony Bolton, who manages the well regarded special situations fund.

HSBC head of savings and investments Steve Britain says: “From the end of the month we can offer our customers some of the best performing funds in each sector, including fixed interest, UK equity, European equity, north American, far East and Japan.”

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