Rebak jettisons Schroders property fund from Open range

HSBC Asset Management's Jon Rebak has dropped Schroder Global Property Securities from the Open Global Return and Open Global Distribution funds since taking over less than three weeks ago.

Rebak, who became lead manager following Nick Pothier’s departure at the beginning of the month, has replaced the Schroders fund across all but one of the Open portfolios with the newly launched HSBC MultiAlpha Global Real Estate vehicle. Guy Morrell, who manages the Open Global Property portfolio, still retains the Schroders mandate. The move by Rebak continues a trend started by Pothier, who remains on board as a consultant having returned to his native South Africa, to replace external funds with MultiAlpha products. Rebak says using the Luxembourg-domiciled range, run by HSBC M...