HSBC Global Asset Management has re-jigged its Global Investment Funds (GIF) range, changing fund names, managers, objectives and fees.
At the start of next year, the firm will rename its Euro Core Credit and Global Core Credit bond funds to Euro Credit and Global Credit. Their overall fees will decline by 10 basis points on the retail share classes.
Overall fees on retail share classes for the Euro High Yield Bond fund will decline 20 basis points, but will rise 25 basis points on the Global Emerging Markets Bond fund for new investors.
The US Dollar Core Plus Bond fund will be renamed the US Dollar Bond fund and will adopt full Ucits III powers. This includes the ability to use derivatives, whose exposures will be calculated using value at risk (VaR).
The Global Core Plus Bond fund will also be rebranded to Global Bond, the Euro Core Bond fund to Euro Bond, the New World Income fund to GEM Debt Total Return, the European Equity Alpha fund to European Equity Absolute Return and the GEM Equity Alpha fund to GEM Equity Absolute Return. (article continues below)
The Global High Income Bond fund will now be able to take foreign currency risk against the American dollar, including emerging markets securities denominated in local currencies and derivatives.
The Brazil Bond fund has removed its restriction on its maximum investments into Brazilian government debt, predominantly local currency bonds.
The UK Equity and European Equity funds have had their investment remits clarified. The remits cover all-cap stocks with a listing in the relevant regions or a preponderant part of their business there.
HSBC’s in-house managers, fundamental specialist Halbis and quant house Sinopia, will also be fully integrated into HSBC Global Asset Management by the end of December after they re-branded to HSBC in June.
Any GIF fund managers branded Halbis or Sinopia will now be renamed HSBC.