HSBC Global Asset Management has revamped its global investment funds range, changing fund names, managers, objectives and fees.
At the start of 2011 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. (article continues below)
The US Dollar Core Plus Bond fund will be renamed the US Dollar Bond fund and will adopt full Ucits III powers. These include the ability to use derivatives, whose exposures will be calculated using value at risk.
The Global Core Plus Bond fund will 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.
The Global High Income Bond fund will become able to take foreign currency risk against the dollar, including emerging markets securities denominated in local currencies and derivatives.
The Brazil Bond fund has removed its restriction on maximum investments in Brazilian government debt, predominantly local currency bonds.
The investment remits on the UK and European Equity funds have been clarified. They cover all-cap stocks with a listing in the relevant region or a preponderant part of their business there.