Analyst to co-manage HSBC fund

HSBC is to promote Cara MacGregor to co-manager status on the HSBC Open Global Return fund, subject to Financial Services Authority approval.

The group has also announced the launch of a Russian equity fund, which is managed by Halbis, its in-house active management team.

MacGregor, who joined HSBC in April 2007 from Investment Solutions, will co-manage the £26m fund alongside James Hughes, head of multi-manager at HSBC.

MacGregor joined the group as a global emerging markets equity analyst but Andy Clark, managing director of wholesale at HSBC, says “her skills lend themselves to the multi-asset, multi-strategy investment philosophy used on the OpenFunds”.

Open Global Return, launched in November 2006, was one of two funds that were initially part of HSBC’s OpenFunds range. Although they had managed multi-manager assets for about 10 years, the Open Global Return and Open Global Distribution funds were HSBC’s first retail market offerings.

A third, Open Global Property was launched in December and assets under management in the three portfolios are now £50m.

Meanwhile, the HSBC Global Investment Funds (GIF) Russia Equity fund is a subfund of the group’s Luxembourg Sicav range. However, the fund has distributor status, allowing it be sold in Britain, with a minimum investment of $5,000 (£2,500).

Douglas Helfer, who joined Halbis in January 2006, is lead manager on the fund, which was launched in December. The fund holds 20-30 stocks, which can include locally-listed Russian equities, American Depository Receipts and Global Depository Receipts.

The bulk of the fund’s assets, which are benchmarked against the customised MSCI Russia 10/40 index, are held in large liquid blue-chip companies. However, up to one third of the portfolio can be invested in mid caps.

Clark says: “Our emerging markets business is the largest in the world and we will launch more single-country equity funds going forward.

“There are various ideas on the development line. Halbis does particularly well in this area.”