HSBC Taps BONY as Fund Advisor
The HSBC Funds (formerly the Mariner Funds) are composed of eight portfolios with assets totaling approximately $200 million.
The Bank of New York currently manages more than $60 billion in assets for institutions and individuals worldwide and also acts as the investment adviser to the BNY Hamilton Funds, which are composed of 16 portfolios with assets totaling in excess of $9 billion.
The companies plan to seek the approval of the Board of Directors of the BNY Hamilton Funds to merge each HSBC Fund into a comparable BNY Hamilton Fund, subject to necessary shareholder approvals.
They also plan to introduce a New York tax-free money market fund to the BNY Hamilton Fund family.
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