HSBC prepares global property fund launch

The HSBC Open Global Property fund, set to launch on 26 November subject to FSA approval, will be managed by the firm’s multi-manager business in the UK. Dr Guy Morrell, who heads up the HSBC Real Estate multi-manager team, says the aim of the fund is to produce long-term capital growth by investing in direct property funds and listed property securities funds across the globe. He adds at outset, in terms of asset allocation, the fund is likely to have a strong focus on Continental Europe and Asia at the expense of the UK, which he says is currently overvalued. The fund will hold around...