HSBC Global Asset Management has closed two multi-manager funds to new investment on FundsNetwork as it focuses on growing its globally focused Open Funds range.
The firm has limited access to Jon Rebak’s £157m growth fund of funds and £250m income fund of funds as client demand for the UK-focused products has fallen.
Managing director for UK & Mena wholesale Andy Clark says: “Potential customers can still access these funds via other channels but we are always actively reviewing our fund offering on investment platforms and focus our offering in reaction to client demand.
“It is clear that client appetite is for multi-asset globally diversified portfolios, a proposition that Open Funds has been delivering on since 2006.”
The funds of funds were laun-ched in February 2003 under the HSBC investment fund of funds Oeic umbrella, with a mandate of investing primarily in funds that buy bonds and equities “predominantly in the UK”.
But the £413m HSBC Open global distribution fund and £134m HSBC Open global return fund were launched in November 2006 with a more global focus. Rebak took over the Open Funds products in May from their manager at launch Nicholas Pothier.