Hughes banks on diversity

HSBC's Hughes forecasts Open Global Return to be key player despite a slow start

HSBC Investment's first foray into retail fund of funds did not have the most auspicious of starts. Five months after launch, Open Global Return had taken just £1m in external assets above the £5m used to seed the vehicle. At the time, the group's director of wholesale Andy Clark and former managing director Mike Warren blamed the unusual profile of Open Global Return for the lack of demand. Whatever the reason, the slow start forced the delay of further additions to the group's multi-manager range. As at October 22, Open Global Return has grown to £13m in size, according to Morning...