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HSBC GAM to hard-close Asia ex Japan fund

HSBC GAM to hard-close Asia ex Japan fund

HSBC Global Asset Management has announced the hard-closing of the HSBC GIF Asia ex Japan Equity Smaller Companies fund to new subscriptions from all investors, effective May 10. 

This is as a result of significant investor interest on the back of strong performance and HSBC has capped the size of the fund to ensure that the best interests of existing investors are protected.

The HSBC GIF Asia ex Japan Equity Smaller Companies, co-managed by Elina Fung and Alex Kwan since July 2012, primarily invests in companies in the bottom 25% by market capitalisation of the Asia ex Japan universe, which currently means companies with a market cap of $4 billion or below.

Strong investor demand has helped the fund reach assets under management of $1.3 billion.

'Asia’s small cap universe by its nature is not the most liquid asset class and over the past five years there have been periods of volatility, resulting in challenging liquidity conditions,' noted the media statement. 

'HSBC GAM has therefore taken the decision to hard close the fund in the best interests of existing investors.

'The measure is temporary and can be reversed if the AUM falls below the stated hard close threshold.'

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