GLOBAL - HSBC Global Asset Management is launching a Global Currency Fund aimed at institutional investors.
Daily liquidity is offered via a Luxembourg-based US Dollar denominated UCITS III fund, with hedged share classes available in Sterling, Euro, Yen and Swiss Franc. Minimum investment for the institutional share class is US$1 million.
Halbis - the active management specialist within HSBC Global Asset Management - head of alternative investments Bill Maldonado said the fund introduced a systematically managed multi-strategy approach with a discretionary overlay, with a view to directing allocations to those sub-strategies providing the best returns.
He also said the fund could meet market demands from investors switching from single strategy funds to a more wide-ranging vehicle that can dynamically switch between strategies with different investment styles.
The sub-strategies are designed to generate returns in different market conditions, and the fund performance will therefore not be dependent on a market environment in favour of, for example, the traditional carry trade - the practice of borrowing in low-yielding currencies and buying higher-yielding ones to benefit from the risk premium.
The fund will be managed with controlled low volatility taking advantage of full portfolio transparency and daily optimisations to avoid unintended risk concentration.
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