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HSBC sells Fof range via branches

HSBC is offering three funds of funds through its high-street branch network.

It claims to be the first high-street bank to offer a fund of funds service to customers.

The funds will be rolled out to IFAs in early spring.

The three options available are growth, income and global growth.

The bank says the funds of funds are designed to spread risk in an unpredictable economic environment, with each investing in between 15 and 20 funds.

The growth option will aim to provide medium to long-term capital growth through funds investing in UK equities and bonds, with some overseas exposure.

The income option is designed to provide above-average income with the potential for capital growth through funds that invest in bonds, equities and high-yielding stocks, predominantly in the UK. The global growth option aims to achieve long-term capital growth by investing in UK and worldwide equity funds.

The funds will be managed by the multi-manager team at HSBC Asset Management and are available either directly or via Isas or Pep/Isa transfers. Charges are 4 per cent initial and 1.25 per cent annual.

Head of savings and investments Mike Watson says: “Spreading risk is a fundamental part of investing. Our research has found that many investors want a wider choice of funds but are daunted by the idea of selecting funds themselves.

“As part of a balanced portfolio, HSBC&#39s funds of funds will give investors access to fund management expertise from across the market, with the convenience and choice of three simple packaged HSBC funds.”

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