HSBC winds up Global Absolute fund

HSBC is to wind up its $100m listed Global Absolute fund of hedge funds following a vote by shareholders.

The board of the fund, which having been listed since November 2001 is one of the sector's oldest, proposed the voluntary wind up in March, blaming a discount to NAV currently 13.7%, and inadequate liquidity in its shares. The announcement of the revue in late January boosted its shares by 4%. Shareholders will have their investment in the rolled over into the $100m HSBC Ucits AdvantEdge fund, which launched in October 2009.