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HSBC first bank to multi-tie

HSBC has become the first bank to multi-tie, offering highstreet customers funds from Fidelity, Gartmore, Invesco Perpetual, JP Morgan Fleming and Schroders.

The bank, which has more than 1,500 branches in the UK, will launch its multi-tie – which also offers HSBC Asset Management funds – on February 28.

HSBC’s multi-tie fund management partners, including HSBC Asset Management, run one-quarter of the UK’s funds under management.

HSBC will offer funds across a range of sectors, including income and growth, alpha funds and high-yield corporate bonds as well as gilt and special situations.

Investors will be able to benefit from big-name fund managers such as Invesco Perpetual’s Neil Woodford, Schroders’ Andrew Rose and Fidelity’s Anthony Bolton, who manages the firm’s special situations fund.

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

Schroders managing director Robin Stoakley says: “We are delighted to be selected as one of the six fund managers by HSBC. The fact that they have such phenomenal customer reach is very important to us and we expect it to be good for business.

“One could argue that this is a challenge to the IFA market but there are a lot of people who deal solely with their banks. Investors who see the opportunities available through HSBC may want to take things further by getting bespoke advice and obviously the best place to get that is from an IFA.”

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