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HSBC aims to sell Dublin platform

HSBC is planning to sell the Dublin-based manager of managers’ platform it acquired through its takeover of the Bank of Bermuda in 2004.

The platform, which is part of HSBC Investment Solutions, houses 17 manager of man- ager funds, including a newly launched First global emerging market equity fund managed by institutional manager West AM, which is part of the German banking group West.

Minimum investment for the new fund is $25,000 and annual charge is 1.75 per cent.

HSBC intends to provide multi-manager vehicles to a range of investors, targeting its funds of funds at retail clients with up to £100,000 to invest and manager of managers at wealthier investors and institutions in the £100,000-£1m bracket.

Unlike many manager of manager propositions, HSBC does not blend different managers within a portfolio but instead takes a one fund, one manager approach, regarding it as a single-manager concept because external managers are appointed using the same due diligence processes used by managers who take the blending approach. Advisers can then blend these together to create their own portfolios.

HSBC multi-manager director Sebastian Dunn says: “We do not offer a predetermined solution. Historically, we have not blended managers because we customise for each client.

“If you blend two or three managers the customisation is not so great. Some managers will blend three different styles in one fund but we will set up a separate fund for each so the client can blend them in the way they want.

“We are looking to develop the next leg of the manager of managers’ platform in the UK retail market. We might do some blending then, we might not, that is something that we will be looking at next year.”


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