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HSBC aims to go from £90m to 1bn

HSBC managing director of UK wholesale Andy Clark believes the company’s trio of open funds will break through the £1bn barrier before the end of 2009.

The funds, which currently total just £90m, have met with a mixed reception since the launch of HSBC open global return and open global distribution in November 2006. But Clark believes they are beginning to prove their critics wrong.

He says: “They have started to perform well, having received some criticism for only taking £5m in the first six months, which was an amount that people did not recognise was healthy for a multi-asset offering. Now they are starting to pick up mom-entum and people are beginning to appreciate the multi- asset attraction.”

HSBC global open return is first quartile in the IMA balanced managed sector in the past 12 months while global distribution is borderline second quartile in the cautious managed sector, placed 25th out of 96 funds in the past year.

Open global property launched in November 2007 completing the trio.

Clark says: “We are happy with the range as it offers something to all investors and we do not want to add to the range for the sake of it.”

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