HSBC Global Asset Management has re-opened its frontier equity strategy almost exactly three years after closing it to new investors following a surge in assets, Citywire Selector can reveal.
The Luxembourg-domiciled HSBC GIF Frontier Markets fund was soft-closed in April 2014 after the frontier markets strategy as a whole broke through $650 million in assets under management.
This was under the stewardship of former manager Andrew Brudenell. In the intervening period Brudenell has joined rivals Ashmore, with Citywire AA-rated Chris Turner having been handed the fund in April of last year.
However, a spokesperson for HSBC GAM confirmed to Citywire Selector that the strategy as a whole was formally re-opened to investors on August 14. This is with assets currently sitting at $618 million.
The HSBC GIF Frontier Markets fund returned 0.7% in US dollar terms over the three years to the end of July 2017. This compares to a fall of 8.3% by the MSCI Frontier Markets TR USD over the same timeframe.