HSBC Republic, the private banking subsidiary of HSBC Group, plans to launch an investment trus...
HSBC Republic, the private banking subsidiary of HSBC Group, plans to launch an investment trust of hedge funds.
The portfolios will be part of the firm's Absolute range of trusts of hedge funds, which comprises Global Absolute, launched in November 2001, and European Absolute, launched in April 2001.
The new fund, UK Absolute, will share the same structure as its stablemates, as a closed-ended investment company domiciled in Guernsey and listed in the UK.
The trust is expected to be launched in April or May and will be managed by a team led by head of alternative investment Peter Rigg. The fund is expected to follow a similar bias to the long-short strategies already favoured in the portfolios of the other two trusts in the range. It will be eligible for Isa investment and Pep transfers. HSBC Republic manages $10bn in fund of hedge fund portfolios.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till