HSBC to add sterling hedged share class

HSBC Republic is to launch a sterling hedged share class on its Global Absolute Limited fund of hedge funds in August. The portfolio holds 44 underlying funds covering a range of alternative strategies. The group is aiming to raise some £25m before the offer closes on 22 August, although there is no maximum. Minimum investment is £5,000 and the annual management charge is 1.95%, plus 10% of any outperformance of the Sterling three-month Libor rate plus 2%. The fee is capped annually at 4% of net assets. IFA commission is negotiable on both the annual management charge and 3% initial fee...