VANCOUVER, May 28, 2015 /CNW/ - HSBC Global Asset Management (Canada) Limited, manager of the HSBC Mutual Funds, announced the results of the special meeting of unitholders of the HSBC Mortgage Fund (the "Mortgage Fund") held today, and the closure of the HSBC Global Real Estate Equity Fund on or around 31 July 2015.
HSBC Mortgage Fund
Earlier today, unitholders approved a resolution to include in the operating expenses for the Fund an annual mortgage administration fee (the "Mortgage Administration Fee") charged by HSBC Bank Canada for the administration of the mortgages purchased by the Mortgage Fund. The matter was approved by a majority of the votes cast.
The Mortgage Fund will pay HSBC Bank Canada a Mortgage Administration Fee equal to 0.10% of the value of the mortgages purchased from HSBC Bank Canada. The Mortgage Administration Fee is consistent with industry practice for similar funds. On or around 1 July 2015, the new Mortgage Administration Fee will be charged to the Mortgage Fund within the operating expenses of the Fund and will affect each series of units of the Mortgage Fund.
Additional details regarding the Mortgage Administration Fee are set out in Amendment No. 2 dated 16 March 2015 to the Simplified Prospectus of the funds dated 25 June 2014, and in the Notice of Special Meeting and Management Information Circular dated 24 April 2015, available at www.sedar.com
HSBC Global Real Estate Equity Fund
HSBC Global Asset Management (Canada) Limited, the sole unitholder of the HSBC Global Real Estate Equity Fund, intends to wind up and close the HSBC Global Real Estate Equity Fund on or around 31 July 2015. The termination of this Fund will have no impact on the other funds in the HSBC Mutual Funds family.
Notes to Editors:
- HSBC Bank Canada, a subsidiary of HSBC Holdings plc, is the leading international bank in Canada. The HSBC Group serves customers worldwide from over 6,100 offices in 73 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,670bn at 31 March 2015, HSBC is one of the world's largest banking and financial services organizations.
- HSBC Global Asset Management (Canada) Limited ("AMCA") is a wholly owned subsidiary, but separate entity from, HSBC Bank Canada. HSBC Investment Funds (Canada) Inc. ("HIFC") is a direct subsidiary of AMCA and an indirect subsidiary of HSBC Bank Canada. HSBC Private Wealth Services (Canada) Inc. ("HPWS") is an affiliate of AMCA and a wholly owned subsidiary of HSBC Bank Canada. AMCA, HIFC and HPWS provide services in all provinces except Prince Edward Island.
- HSBC Global Asset Management, the investment management business of the HSBC Group, invests on behalf of HSBC's worldwide customer base of retail and private clients, intermediaries, corporates and institutions through both segregated accounts and pooled funds. HSBC Global Asset Management connects HSBC's clients with investment opportunities around the world through an international network of offices in around 30 countries, delivering global capabilities with local market insight. As at 31 March 2015, HSBC Global Asset Management managed assets totaling US$447bn on behalf of its clients. For more information see www.global.assetmanagement.hsbc.com. HSBC Global Asset Management is the marketing name for the asset management businesses of HSBC Holdings plc.
- HSBC Global Asset Management (Canada) Limited is the manager and primary investment advisor for the HSBC Mutual Funds. HSBC Investment Funds (Canada) Inc. is the principal distributor of the HSBC Mutual Funds. HSBC Mutual Funds are also distributed through authorized dealers. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Fund Facts before investing. Mutual funds are not guaranteed or covered by the Canada Deposit Insurance Corporation, HSBC Bank Canada, or any other deposit insurer. Their values change frequently and past performance may not be repeated. The unit value of money market funds may not remain constant.
SOURCE HSBC Global Asset Management (Canada) Limited