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A subsidiary of global bank HSBC has agreed to pay more than $1 million to settle allegations it forced clients to redeem company-branded mutual fund units when it stopped doing business with dozens of independent dealers, potentially harming the clients through losses and tax consequences.
According to the settlement agreement reached Wednesday betweenHSBC Global Asset Management (Canada) Ltd. and the British Columbia Securities Commission, the market value of the required redemptions was about $21.9 million and more than 1,000 client accounts were affected.
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HSBC Global Asset Management Announces Change to the HSBC Emerging Markets Pooled Fund
December 17, 2020 GMT
VANCOUVER, British Columbia (BUSINESS WIRE) Dec 17, 2020
HSBC Global Asset Management (Canada) Limited, manager of HSBC Mutual Funds and Pooled Funds, announced today that on or around 15 January 2021 the investment strategy of the HSBC Emerging Markets Pooled Fund (the “Fund”) will be changing.
The Fund’s investment strategy will change to selecting stocks with a focus on company fundamentals balanced by top-down factors including investment megatrends, politics, fiscal picture, inflation, and monetary policy.