HSBC Global Asset Management has closed 35 Dublin domiciled funds as it looks to move the majority of offshore investors to its Luxembourg range of UCITS III funds.

Previously, the bank had offered a range of multimanager and third party managed funds to its private client investors including the HSBC Global Equity Fund, which had around £21.5 million ($32 million) in assets under management.

HSBC has been offering investors the chance to switch to its Multi Alpha range where there are suitable alternatives.

Jenne Mannion, head of media relations for HSBC Global Asset Management, explained there were only eight funds where no suitable alternative could be found for existing investors and that the cash value has been returned to shareholders.

She added, ‘Shareholders were offered the transfer of their investments into the relevant Multi Alpha fund by scheme of amalgamation. If the shareholders did not want do this they received the cash value of their investments.

‘For the eight funds where there was no equivalent multi Alpha fund, the shareholders received the cash value of their investment.’

Mannion said that the Multi Alpha range offered HSBC’s ‘best ideas’ managers in each asset class blended into a single fund.

She explained, ‘Multi Alpha has funds covering all the major asset classes – Global Equity, Asia Pacific ex Japan, Japan Equity, North America Equity, Europe Equity, GEM Equity, two bond funds, with more to follow.’