HSBC Amanah Global Equity fund closure
The fund will be removed from the Paragon, Oracle and Quantum fund link with immediate effect following a strategic review by HSBC of their Islamic offering.
HSBC Global Asset Management have advised that following a strategic review HSBC intend to focus their Islamic finance offering on customers solely in Malaysia and Saudi Arabia. As a result of this, and having reviewed its product offering, they have taken the decision to remove the HSBC Amanah funds from all third party wholesale distributors by the end of August 2013, which includes RL360°.
What this means
As the fund will no longer be available to RL360° policyholders, the fund will be formally removed from the Quantum, Oracle and Paragon fund ranges with immediate effect meaning we will no longer accept premiums from new investors.
Existing investors will also have to switch out of the fund. Policyholders or appointed investment advisers will have until the 21 October 2013 to provide us with a completed switch form detailing their new fund choice, or if registered, submit their instructions via our Online Service Centre.
Letters have been issued to affected policyholders, or their appointed investment advisers, advising them of the closure. A copy has been sent to their servicing financial adviser for information. Sample letters can be viewed opposite.