HSBC Global Asset Management has unveiled a new fixed income fund in Hong Kong under the Renminbi Qualified Foreign Institutional Investor (RQFII) scheme.
Known as HSBC RQFII Chinese Fixed Income Fund (RQFII Fund), the fund will invest for total return in renminbi terms, via investments in a portfolio of fixed income securities and money market instruments.
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Available to both the retail and institutional clients in Hong Kong, the RQFII Fund will invest primarily in a diversified portfolio of RMB denominated fixed income securities distributed within China.
With a minimum investment is $1,000, the fund will be made available to investors at a subscription fee of up to 3% of the offer price and management fee of 1.1% per annum.
Additionally, the fund seeks to invest in securities through a RQFII which is subject to applicable regulations imposed by the PRC authorities and may also invest in securities the credit ratings of which are assigned by the Chinese local credit rating agencies.
Pedro Bastos, CEO, Hong Kong and regional head of Asia Pacific, HSBC Global Asset Management, said: "The ability to access the broader China onshore market further strengthens our leading position in RMB and allows us to connect our clients to one of the most important and fastest growing markets in the world."
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