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HSBC Global Asset Management (Canada) Limited Announces Planned Pooled Fund Mergers

Marketwired

TORONTO, ONTARIO--(Marketwired - Dec 15, 2014) - HSBC Global Asset Management (Canada) Limited, manager of the HSBC Pooled Funds, announced today that it intends to merge certain funds within the HSBC Pooled Fund family.

It is intended that on or around 20 March 2015:

  • the HSBC MultiAlpha Canadian Equity Pooled Fund will merge into the HSBC Canadian Equity Pooled Fund, and

  • the HSBC MultiAlpha U.S. Equity Pooled Fund will merge into the HSBC U.S. Equity Pooled Fund.

Following the merger, the HSBC MultiAlpha Canadian Equity Pooled Fund and HSBC MultiAlpha U.S. Equity Pooled Fund will be wound-up and terminated.

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The funds that are intended to merge have the same investment objectives and are substantially similar in their mandates as the continuing funds. The mergers are intended to be implemented on a tax-deferred basis. The mergers have received the approval of the Independent Review Committee of the HSBC Pooled Funds.

These fund mergers will streamline the product range within the HSBC Pooled Fund family and have the potential to benefit unit holders of the affected funds by creating larger pools of assets. This may reduce the administrative and regulatory costs of operating the funds separately, and enhance the portfolio management efficiency of the consolidated funds.

HSBC Global Asset Management (Canada) Limited announces planned Pooled Fund mergers

Units of the HSBC MultiAlpha Canadian Equity Pooled Fund and HSBC MultiAlpha U.S. Equity Pooled Fund are only available to investors as part of a discretionary investment management service provided by HSBC Global Asset Management (Canada) Limited, our affiliate HSBC Investment Funds (Canada) Inc. or another approved advisor. Units of the HSBC MultiAlpha Canadian Equity Pooled Fund and HSBC MultiAlpha U.S. Equity Pooled Fund will continue to be available for purchase, and unit holders of these funds will be permitted to redeem their units by contacting their HSBC relationship manager until the end of the business day before the effective date of the mergers.

Notes to Editors:

  1. HSBC Bank Canada, a subsidiary of HSBC Holdings plc, is the leading international bank in Canada. The HSBC Group serves customers worldwide from over 6,200 offices in over 74 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,729bn at 30 September 2014, HSBC is one of the world's largest banking and financial services organizations.

  2. HSBC Global Asset Management (Canada) Limited ("AMCA") is a wholly owned subsidiary, but separate entity from, HSBC Bank Canada. HSBC Investment Funds (Canada) Inc. ("HIFC") is a direct subsidiary of AMCA and an indirect subsidiary of HSBC Bank Canada. HSBC Private Wealth Services (Canada) Inc. ("HPWS") is an affiliate of AMCA and a wholly owned subsidiary of HSBC Bank Canada. AMCA, HIFC and HPWS provide services in all provinces except Prince Edward Island.

  3. HSBC Global Asset Management, the core investment business of the HSBC Group, has approximately US$465.5bn under management at 30 September 2014. HSBC Global Asset Management has a worldwide client base of private clients, intermediaries, corporates and institutions invested in both segregated accounts and pooled funds. HSBC Global Asset Management fulfills its purpose by connecting these customers with investment opportunities through an international network of offices in approximately 30 countries, delivering global capabilities with local market insight.

  4. HSBC Global Asset Management (Canada) Limited ("AMCA") is the manager and primary investment advisor of the HSBC Pooled Funds, a family of public mutual funds. These mutual funds are sold only to investors as part of a discretionary investment management service, which requires an investor to enter into an agreement with AMCA or HSBC Investment Funds (Canada) Inc., or another approved advisor or dealer. Commissions, trailing commissions, management fees, investment management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed or covered by the Canada Deposit Insurance Corporation, HSBC Bank Canada, or any other deposit insurer. Their values change frequently and past performance may not be repeated. The unit value of money market funds may not remain constant.

This news release is issued by HSBC Global Asset Management (Canada) Limited.