Is this fund any good then?
Discussion
Hi, our daughters CTF is with HSBC and is currently invested in a fund called HSBC UK Growth & Income Fund. We've had a letter today from HSBC advising the current fund is being switched as of 28th Feb to Global Strategy Balanced Portfolio CTF Accumulation - ISIN GB00BK5X4L29. Risk rating 4 out of 7. Fees in the new fund are much lower at 0.43%. I really don't know what I'm looking at so wondered if anything stands out (good or bad!) with this new fund? Cheers.
ps - just to confuse things - currently trying to transfer the above CTF to the Intelligent Money JISA but of no fault of IM's it's taking a long time with absolutely no update at all from HSBC as to the status of the transfer. We started the transfer on Nov 1st, paused it (due to election) 9th Dec, and restarted it on 20th Dec. Nik (Intelligent Money) did warn me HSBC was one of the worst for transfers but had no idea we would still be waiting nearly 3 months on >
ps - just to confuse things - currently trying to transfer the above CTF to the Intelligent Money JISA but of no fault of IM's it's taking a long time with absolutely no update at all from HSBC as to the status of the transfer. We started the transfer on Nov 1st, paused it (due to election) 9th Dec, and restarted it on 20th Dec. Nik (Intelligent Money) did warn me HSBC was one of the worst for transfers but had no idea we would still be waiting nearly 3 months on >
Thank you rockin. I did find something similar to the link you posted but wasn't sure if there was different classes of this fund. Maybe this is a new class/fund set up as a CTF? I don't really know what I'm looking at or for. I'm not even sure if the 0.43% is a TOTAL charge or if it's just HSBC's charge?
I'm still going ahead with the transfer to IM simply because I like having a contact should I need to speak with someone. I tried a while back to speak to someone on the CTF team at HSBC but the boy I spoke to didn't seem to know much about their CTF
I'm still going ahead with the transfer to IM simply because I like having a contact should I need to speak with someone. I tried a while back to speak to someone on the CTF team at HSBC but the boy I spoke to didn't seem to know much about their CTF
Ok, so if I've read their letter correctly it's 0.43 total.
"The OCF for the CTF accumulation share class of the new fund is estimated to be around 0.43% a year. The OCF for the CTF accumulation share class of the current fund is 1.15% a year"
"We don't take any charges from the HSBC CTF, the charges are taken from the fund and reflected in the price of the share. We provide you with the details of the charges as a percentage within your annual HSBC CTF statement"
"When the fund switch is completed, we will receive 0.25% per year of the value of the new fund from the fund manager, paid monthly"
"The OCF for the CTF accumulation share class of the new fund is estimated to be around 0.43% a year. The OCF for the CTF accumulation share class of the current fund is 1.15% a year"
"We don't take any charges from the HSBC CTF, the charges are taken from the fund and reflected in the price of the share. We provide you with the details of the charges as a percentage within your annual HSBC CTF statement"
"When the fund switch is completed, we will receive 0.25% per year of the value of the new fund from the fund manager, paid monthly"
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