The UK's HSBC Bank said last week that it was launching a pan-European fund of hedge funds which retail investors could invest in for a minimum £5,000. The fund will be based in Guernsey, listed on both the London and Channel Islands Stock Exchanges, and will allow investors to hold the hedge fund in an Individual Savings Account (ISA).
HSBC European Absolute Ltd, as the fund is named, will have a diversified portfolio of 20 to 30 hedge funds invested in UK and Europe, and will be open to both institutional and retail investors. It will be managed by the private banking business of HSBC, HSBC Republic. As hedge funds become an increasingly popular investment instrument with private investors, HSBC is jumping on an already burgeoning bandwagon.
A statement from HSBC said that the public will be able to purchase the fund's shares directly or through independent financial advisers (IFAs). A specialist team of ten hedge fund managers based in New York, London and Geneva will manage the fund. Heading up the team is the chief executive of HSBC Republic Investments, Paul Dunning, who said the fund would offer attractive returns to investors.
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