VANCOUVER, Oct. 28 /CNW/ - HSBC Investment Funds (Canada) Inc. has launched the HSBC Indian Equity Fund, providing investors with access to the substantial opportunities anticipated from India over the coming decades. India has been the second fastest growing economy in the world, after China, for the last 10 years and is predicted to become one of the world's largest economies by 2040.(1)
Marc Cevey, Chief Executive Officer of HSBC Investment Funds (Canada) Inc. said: "High growth emerging markets offer exciting investment possibilities. In India, unlike many other emerging economies, personal consumption makes up a large proportion of GDP, and exports today account for only 15 per cent of the economy. So India is well positioned to generate homegrown economic growth and less dependent on other economies. India's economic development lags China's by approximately 15 years. We think it is an opportune time for Canadian investors to consider investment in India with above average GDP growth forecast to continue over the next 10-15 years."
The Fund follows a disciplined investment philosophy targeting long-term capital appreciation using a diversified equity portfolio. The Asia-based portfolio management team will target key sectors and companies that it believes will benefit from India's rapid economic expansion.
With the addition of this Fund to complement the popular HSBC Chinese Equity Fund, HSBC BRIC Equity Fund and HSBC Emerging Markets Fund, HSBC Investment Funds (Canada) Inc. now has one of the broadest line ups of emerging markets funds in the country. Globally, the HSBC Group's investment businesses manage over US$27.1 billion in emerging market assets (as at 31 August 2009).
Notes to Editors:
1. Asian Development Bank, 10 October 2008
2. HSBC Investment Funds (Canada) Inc., with C$3.2 billion in assets
under management at 31 August 2009, is a subsidiary of HSBC Bank
Canada. HSBC Bank Canada, a subsidiary of HSBC Holdings plc, has more
than 260 offices including over 140 bank branches and is the leading
international bank in Canada. With around 8,500 offices in 86
countries and territories and assets of US$2,422 billion at 30 June
2009, the HSBC Group is one of the world's largest banking and
financial services organizations.
3. HSBC Mutual Funds are distributed by HSBC Investment Funds (Canada)
Inc. and authorized dealers. Commissions, trailing commissions,
management fees and expenses all may be associated with mutual fund
investments. Please read the prospectus 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 Bank Canada
For further information: For further information: Media enquiries: Ernest Yee, Vice President, Corporate Affairs, HSBC Bank Canada, Tel: (604) 641-2973; Sharon Wilks, Senior Manager, Public Affairs, HSBC Bank Canada, Tel: (416) 868-3878