UK - HSBC Republic Investments has closed two of its fund of hedge funds to new investors after raising $55m (£30m) within a month of their launch.
The firm launched the HSBC Alpha AdvantEdge fund and the HSBC Leveraged Alpha Advant-Edge fund at the end of February. In order to boost returns, the leveraged fund will borrow $1 for every $1 raised from investors, which increases the amount it can commit to positions.
The two funds are designed to take advantage of stock-picking opportunities globally and to provide investors with performance through a portfolio of underlying equity long/short funds.
HSBC Republic head of marketing, Jamie Murray said: “The HSBC Alpha AdvantEdge Funds offer flexibility both in their investment strategy and their monthly redemption facility.
“The two funds were launched to provide vehicles for investors concerned about potential volatility in equity markets, but who still wished to participate in these markets.”
Canada Life has signed a £351m bulk annuity contract insuring the pensioner liabilities of 2,510 members and dependents in the AA UK Pension Scheme.
In this week's Pensions Buzz, we want to know if you believe there is ever a case for combining retirement savings products with other savings products, and if the PPF levy for sponsorless schemes is appropriate for DB consolidators.
The Insolvency Service has disqualified four directors of trustee firms from running companies for a total of 34 years following an investigation.