Midland unit trusts take first steps towards becoming Oeics

Midland's range of unit trusts was to be branded under the HSBC masthead as the first step towards c...

Midland's range of unit trusts was to be branded under the HSBC masthead as the first step towards creating an Oeic structure. The plan was to involve a number of fund mergers but existing HSBC and Midland unit trust businesses were to remain separate and continue to target their traditional client bases. HSBC Unit Trust Management UK, at the time under managing director Alan Gadd, was set up to serve intermediaries, while HSBC Investment Funds replaced Midland Unit Trust Management to sell through a 1,500 member-tied agency network.