HSBC's property Fof to look outside overvalued UK

HSBC will launch its global property fund of funds with a bias towards Europe and Asia later this ye...

HSBC will launch its global property fund of funds with a bias towards Europe and Asia later this year. The Open Global Property portfolio will come to market on 26 November, subject to FSA approval, and will invest in direct property and listed securities, including Reits. Guy Morrell will head up the vehicle, supported by the seven-strong real estate multi-manager team. Morrell said the fund will hold a significant weighting outside the UK, which he thinks is currently overvalued. The team will add value through tactical asset allocation across physical property and property security v...