HSBC and Barings aim to boost Sicavs' profile

HSBC Global Asset Management and Baring Asset Management have invited other asset managers to form a working group to raise the profile of offshore Sicav funds in the UK.

The duo want the group to assist the Investment Management Association’s (IMA) efforts to incorporate offshore funds into its sectors. The IMA, which has set up its own working group, is finding the job to be a tough one. ‘Given the scale of the task, IMA has not committed itself to a timetable. Rather, the issue is to get it right,’ a spokesperson said.

HSBC managing director Andy Clark, who is spearheading the initiative, said: ‘We are talking to other groups. The idea is to ensure that the case for Sicavs in the UK is clear. We hope to work with the IMA to get Sicavs on a level playing field with Oeics.’

Clark believes the campaign is particularly important as he expects demand for Sicavs to outstrip Oeics and unit trusts over the next five to seven years.

Thurleigh Investment Manager’s Charles Mackinnon, who uses offshore funds, supports the effort. He said offshore funds can be particularly useful for clients with specific tax needs and offer investors access to fund management talent from across the world.