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The HSBC Special Opportunities Fund is adding a euro-denominated institutional share class to increase its appeal to institutional investors as a supplement to the existing US dollar, euro and institutional dollar classes.
The fund is aimed at investors with a long-term investment horizon seeking higher, longer-term returns than a typical diversified portfolio, and invests in strategies including event-driven, merger arbitrage, activist/special situations, equity long/short and distressed investing.
The fund was launched in March with USD300 million. HSBC Alternative Investments, the investment adviser, believes that the fund has some additional capacity as a result of several of the underlying holdings recently opening up to new investments and the identification of hedge funds within the targeted strategies that potentially have availability.
Says Barbara Rupf Bee, chief executive of HSBC Alternative Investments: 'The new share class will broaden the appeal of the HSBC Special Opportunities Fund to institutional investors who are increasingly keen to invest via a euro class as a result of the weak US dollar.
'With this fund, HSBC Alternative Investments has chosen to focus on sourcing capacity with managers that have solid track records of adding value over the long term across a broad range of event driven strategies.
'We believe that these managers are well placed to capitalise on the rich M&A activity and benign equity market environment that currently prevails, and that the fund will deliver returns as managers adapt to evolving market conditions.'
Operating within the HSBC Private Bank network, HSBC Alternative Investments is the dedicated investment adviser to the group's fund of hedge funds business. HSBC Private Bank provides private banking and trustee services to high net worth individuals and their families through 42 locations in the Americas, the Asia-Pacific region, Europe and the Middle East, and managed more than USD40.6bn of client assets in alternatives at the end of March.
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