Managed funds get 'favourable return'

HSBC Fund Management (Malta) Limited has recorded an increase in unit price of 4.1 per cent for the 12 months ended July 21, which compares favourably with the return obtainable on a local one-year term deposit account, the company said.

The Maltese Assets Fund achieved an increase in unit price of 14.9 per cent during the same period.

During the annual general meeting of HSBC's No-Load Funds SICAV plc, Peter Xuereb was re-appointed chairman while Charles Azzopardi and Robert Scott were re-appointed directors of the company.

The shareholders re-appointed KPMG as auditors. Mr Azzopardi said the Malta Government Bond Fund exceeded the Lm100 million mark in its net asset value, making it the first local fund to achieve this significant threshold.

Steven Tedesco, investments manager at HSBC Fund Management (Malta) Limited, said accumulator shares in the Malta Government Bond Fund recorded an annualised return of 4.9 per cent while the Maltese Assets Fund achieved an impressive annualised return of 6.8 per cent since their launch in December 1998 up to April 30, 2005.