HSBC launches Indian bond fund
India bond fund to open to UK retail investors on Monday.
HSBC Global Asset Management is launching an Indian Fixed Income fund.
The fund is managed by Gordon Rodrigues (pictured), head of Asian rates, foreign exchange and liquidity, and forms part of HSBC Gam’s Luxembourg range of funds. It opens on Monday with a minimum investment of $5,000 (currently £3,181).
The new fund will invest in government and corporate bonds denominated in rupees, but retains the ability to move into bonds in other currencies if the manager sees fit.
Mr Rodrigues manages the $93.4m HSBC GIF Asian Currencies Bond fund, which has returned 9.6 per cent since its launch in April 2011.
Mr Rodrigues’ 29-strong Asian fixed income team is also responsible for the $89.6m HSBC GIF RMB Fixed Income fund, which invests in Chinese local currency bonds.
The manager said India’s bond market has “one of the highest yields available anywhere in the world”, while the Indian rupee was currently one of the most undervalued currencies available.