HSBC Investments is to launch a third vehicle within its OpenFunds multi-manager range.
Managing director Andy Clark says the fund, to be run by James Hughes, is due to launch in the next couple of months. Although Clark is keeping the details close to his chest, he says the portfolio will invest in a single asset class on a global scale.
He says: “We have been looking at a number of alternatives for a third portfolio in the past few months, including a satellite option to the global distribution and global return funds.
“This new offering should be the ideal diversifier to our existing range and what we are still looking at is the right asset class offering for the long-term benefit of investors.”
Hargreaves Lansdown senior adviser Ben Yearsley says: “This looks like an attempt by the firm to offer something different and innovative and although you would expect it to be an equity product if it invests in one asset class, I would not rule out property as it seems to be the in-vogue offering in the market.”