HSBC Investments has made 15 funds from external providers available within its bundled defined-contribution offering.
In addition to its own range, HSBC now offers funds from providers including BlackRock, JP Morgan, Baillie Gifford, Newton and M&G.
It says the external funds on the platform were chosen through a structured selection process aimed at meeting key requirements. It says its best of breed approach has also ensured daily dealing on all funds, complementing an existing range of active, passive, specialist and multi-manager funds.
Head of DC services Peter Cox says: “We have watched the trend towards open architecture unfold in recent years and are in a position to respond to industry concerns about what makes for an appropriate and sustainable fund offering. There is increasing recognition that fund proliferation is becoming a problem for providers, fund managers, employers, trustees and members. We have responded to the need for choice but not at the cost of proliferation, which is confusing and damaging.”