HSBC positions for maturing Tessas with stock market Isa

HSBC is developing a stock- market linked Tessa-only Isa in preparation for a mass maturing of Tessa accounts which it expects to hit in the first quarter of 2001. It is currently consulting with large brokers about the exact shape the product will take, but Investment Week understands it will be similar in kind to the 1996 stockmarket-linked Tessa which offered up to 155% total return. When Tessas were set up in 1991 widespread publicity created a substantial and immediate inward flow of over £5bn of retail investment in the first quarter of 1991 according to Inland Revenue figures. In ...