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HSBC trust range in switch to Oeics

HSBC has converted its entire range of unit trusts to Oeics, opening a range of new funds to IFAs.

The bank is merging its IFA and bank branch fund ranges into 23 funds grouped under three umbrella Oeics. The total fund range has £5bn in funds under management and stands to benefit from a reduction in its total expense ratios through the mergers.

The gilt & fixed interest trust, balanced fund, British trust and corporate bond unit trust will become available to IFAs for the first time.

These funds had only been available through the bank&#39s tied salesforce.

The corporate bond fund has a running yield of 5.56 per cent, while the gilt & fixed interest trust has a yield of 5.53 per cent.

Initial commission on all the newly available funds is 3 per cent and trail is 0.5 per cent. All funds in the Oeics are eligible for Isa investment.

Head of savings and inv-estments Alan Gadd says: “HSBC will now have an expanded fund range, simplified pricing and a tangible reduction in ongoing fund-based fees which should boost investment returns in the future.”

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