HSBC OpenFunds take only £2m in external assets since launch

HSBC Investments' two OpenFunds offerings have only taken in £2m of external assets in the five mont...

HSBC Investments’ two OpenFunds offerings have only taken in £2m of external assets in the five months since launch. The Global Distribution and Global Return funds have taken just £1m each since launching on 9 November last year. According to the firm’s director of wholesale Andy Clark, HSBC has seeded each offering with a further £5m, to bring each vehicle to around £6m of assets in total. The lack of demand forced the firm to delay the launch of any further OpenFunds vehicles until at least the existing products’ first anniversary. Both Clark and former managing director Mike War...