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HSBC plans bond tracker fund

HSBC Global Asset Management managing director of UK wholesale Andy Clark says the firm is looking to add a bond fund to its range of trackers.

Clark says the firm is looking to add at least two funds to its range of seven which have around £1bn under management. The firm recently announced it will cut the annual charge on its range of index-tracking funds to 0.25 per cent from September 1.

Chelsea Financial Services managing director Darius McDermott says: “There are very few bond trackers in the marketplace and if HSBC can offer something that is innovative and can keep up with the performance in the active managed area, then it would be of interest.”

Meanwhile, Clark believes platforms and asset managers have to share the burden if fees are to come down in the industry. He says there could be a link between moves by platforms such as Cofunds and Fidelity FundsNetwork to increase their charges and some fund firms raising TERs.

He says: “It is a difficult issue but what is happening at the moment is really making it even more difficult for clients. What we need to see is all of the industry try to share the pain as much as possible.”

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