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HSBC Corporate Money Funds Limited – Euro Fund Class A, Class B, Class I and Class R (the “Fund”)
Hamilton, Bermuda, December 21, 2017 – HSBC Corporate Money Funds Limited (the “Company”) announces the compulsorily redemption of the Euro Fund Class A, Class B, Class I and Class R (the “Fund”). The full filing stated:
HSBC Corporate Money Funds Limited – Euro Fund Class A, Class B, Class I and Class R (the “Fund”)
It has been determined by the Fund Board of Directors that it is in the best interest of the shareholders of the Fund to compulsorily redeem all existing shareholders and close the Fund, with effect from 31 January 2018, as the Fund’s Net Asset Value has diminished considerably, primarily due to the continuance of negative short term rates in Euro.
As set out in the Prospectus, shares of the Company are subject to compulsory redemption at any time for any reason, in the sole and absolute discretion of the Directors and upon not less than 30 days’ written notice.
It is the expectation that with a return to positive short term rates in Euro, there may be demand for the Fund again at which point the Fund will be reopened to investors.
For further information, please contact: kate.hassey@hsbc.com