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HSBC set to launch three Fofs

HSBC Asset Management is entering the fund of funds market with a range initially offered through its parent&#39s branch network before rolling out to IFAs.

It will launch income, growth and global growth fund of funds in the first quarter of 2003, all managed by Guillermo Konecny, who works in the company&#39s fund selection unit looking after its portfolio management service.

If the trial period through HSBC&#39s 1,600 branches is successful, the funds could be offered to IFAs as early as the second quarter.

The funds will be backed by a major ad campaign.

Initial charge is 4 per cent and annual 1.25 per cent. Commission is yet to be set.

Senior investment manager Malcolm Prince says: “Customers have told us that they want access to a broader range of funds and through this service we will be able to deliver them.”


MPs urge FSA to act on mutual PI system

Support for a mutual professional indemnity insurance fund for IFAs is growing after FSA chairman Howard Davies told the Treasury select committee there are arguments for such a system.Davies&#39 comments come with select committee member Labour MP Jim Cousins urging the FSA to champion such a scheme, warning that, unless it is implemented, the sector […]

A case in point

Some of you who have a passion for employee benefits beyond the wonderful world of pensions may have become involved in the interesting area of employee trusts.This covers a wide range of tax and legal issues including deductibility (for the employer) and assessability (for the employee).A perhaps worrying trend in respect of the marketing of […]

Protection brokers hit by huge laundering check costs

Protection brokers are facing huge costs on money laundering requirements introduced on September 1, with two companies reporting total costs of £400,000 over the coming year.Providers and brokers say there is no justification for the checks, which were previously only required for investment business, to be applied to protection as there is little chance of […]

FSA strikes off IFA firm

The FSA has struck off IFA Tudor House Financial Services of 34 Chester Street, Wrexham, Clywd, removing its permission to carry out any regulated activity with immediate effect.The firm failed to comply with five Ombudsman Awards, three by the PIA Ombudsman and two by the Financial Ombudsman Service dating back to September 2001.The ruling says […]


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