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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.”

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