HSBC is preparing to launch fund of fund products into the UK market during 2003. It is in the pro...
HSBC is preparing to launch fund of fund products into the UK market during 2003.
It is in the process of incorporating a separate company, HSBC Multimanager, which will sit outside the core asset management division and be headed up by Simon Moules.
Dean Buckley, chief executive of HSBC Asset Management Europe, said the group would begin with funds of funds but would look to add in manager of managers at a later stage.
HSBC Multimanager will be a global business, comprising the various multi-manager capabilities which at present sit within the regional asset management businesses.
These include the HSBC Fund Selection Unit in the UK, currently reporting in to Buckley, and Paris-based HSBC Multimanager (Europe).
This latter organisation has been responsible for HSBC Group's multi-manager capability in Europe.
It was rebranded from Be-Partner in July of this year and is a subsidiary of CCF, now part of the HSBC Group.
As of the start of 2002 HSBC Group had some E10.2bn assets run via its various multi-manager units.
HSBC is just the latest active fund manager to seek to enter the retail fund of funds arena. Other recent launches have included M&G, Schroders and Aberdeen.
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