Firm announces new D series offering, closes manager series of mutual funds to new investors
HSBC Global Asset Management (Canada) has announced changes to the HSBC Mutual Funds.
The firm has launched D series of the HSBC Mutual Funds, as well as DT series for the HSBC Monthly Income Fund and the HSBC U.S. Dollar Monthly Income Fund, which are for investors who seek consistent monthly distributions.
Starting on December 6, both series will be made available for order-execution-only (OEO) dealers, and other dealers that do not make a suitability determination, to make available to their clients. The D and DT series do not pay sales charges or trailing commissions to dealers.
HSBC Global Asset Management is also closing the Manager series of the HSBC Mutual Funds, excluding the HSBC Wealth Compass Funds, to new investors on December 6.
Current unitholders of Manager series units – which is generally for investors enrolled in a dealer-sponsored fee-for-service or wrap program, subject to an annual fee based on assets – will still be able to make investments into the Manager series of the same fund after it is capped to new investors.
Purchase orders by new investors for Manager series units, except for the HSBC Wealth Compass Funds, will be processed only if they are received before 4 PM ET on December 3.
