HSBC talks to phone shops about selling investments

HSBC talks to phone shops about selling investments

Big name brands with no connection to the financial services industry are looking into distributing investment products, according to the chief executive of HSBC Global Asset Management.

Andy Clark said brand would be an important factor in the expansion of asset management to the mass-market.

“There is probably not a big brand in asset management. People might have heard of names such as Fidelity, but there is real space for a trusted brand,” he said.

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“I do think we will see non-financial services brands start looking closely at this.”

He revealed HSBC has talked to mobile phone companies who were interested in offering investment products, and had had “interesting conversations” with retailers about how they can distribute funds.

Adviser view

Peter Matthew, managing director of Cornwall-based Jacksons Wealth Management, was cautiously optimistic about potentially seeing bond funds available at Tesco.

“I have said for a long time that for most people, a fairly basic Isa and pension is all they need, but nobody goes out and actually buys those. Nobody will go out do this year’s Isa while they are picking up a copy of OK! magazine.”