HSBC has launched sterling retail and institutional share classes on its Ucits AdvantEdge fund of hedge funds.
The sterling classes will comply with the new reporting tax regime for offshore funds, allowing UK investors to be taxed at capital gains rather than income tax rates on disposal of their interests. Their launch follows the HSBC UCITS AdvantEdge fund's initial launch of four share classes in October 2009: euro, US dollar, euro institutional, and US dollar institutional. These classes are intended to cater for the non-UK market and income is therefore rolled-up within the share classes. The fund has already raised $53m since October 2009. HSBC Alternative Investments CEO Chris Allen...
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