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News and Insights

09 Apr 2020

MMFs - the transition to Risk Free Rates

Participants in financial markets around the world are accelerating preparations ahead of the demise of LIBOR rates, used to price trillions of dollars of financial instruments. In this Fund Update we set out what this means for MMFs and how we are helping to support investors transition to the risk free rates that will replace LIBOR.

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06 Apr 2020

HSBC Liquidity Matters Webcast

Policymakers are increasingly stepping up to provide monetary, fiscal and liquidity support in the aftermath of the economic “sudden stop” caused by the Covid-19 crisis. Jonathan Curry our Global CIO liquidity and Joe Little our Global Chief Strategist will share their views on how these are likely to impact the global economy and liquidity markets.

To register and view the webcast, click here

10 Feb 2020

Money Market Fund Reform: one year on

It’s been a year since the introduction of Europe’s Money Market Fund Reform. Hugo Parry-Wingfield, EMEA Head of Liquidity Product featured in Treasury Today giving his thoughts on how the industry has responded and what else is on the horizon (*free registration to Treasury Today is required to view the full article).

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10 Dec 2019

Investment Outlook 2020 - The Age of Uncertainty

Our Chief Strategist and Global CIOs including Jonathan Curry for Liquidity, outline their views on what is coming in 2020, the macro-economic and investment strategy outlook.

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28 Nov 2019

A Big Deal for Retailers this Black Friday – but what to do with the Cash?

For many retailers the months of November and December involve intense pressure and a focus on tight revenue and expenditure management. Hugo Parry-Wingfield, HSBC Global Asset Management, explains that, due to their high level of diversification, Money Market Funds are an investment product that retailers should consider keeping in their arsenal.

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26 Nov 2019

The Treasurer’s Global Guide to Investing Cash

This sixth edition of The Treasurer’s Global Guide to Investing Cash has been sponsored by HSBC Global Asset Management and produced in collaboration with the Association of Corporate Treasurers (ACT).

The Guide reviews the principle stages in developing an effective cash investment policy:

1. Forecast cash flows accurately
2. Manage cash flows effectively
3. Segment cash flows intelligently
4. Establish an effective investment policy
5. Implement investment management
6. Understanding the impact of tax and regulation on different markets

In addition, through a series of case studies from corporate treasurers, the Guide goes beyond textbook analysis and helps to put the investment of corporate and institutional cash into a practical context.

The Guide is also a valuable reference source to help you to understand the many differences between various forms of money market investments and their availability in 49 countries around the world.

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31 Oct 2019

Fed cuts rates and signals pause

• At its October meeting, the Federal Open Market Committee of the US Federal Reserve cut the funds target range by 25bp to 1.50 per cent-1.75 per cent

• The Fed now thinks the current stance of policy is likely to remain appropriate

• However, the Committee stands ready to respond to any material deterioration in the economy, noting policy is not on a pre-set course

• Policy action can help stabilise global economic conditions and equity valuations remain relatively attractive. Amid persistent downside risks we therefore retain a pro-risk but conservative investment strategy in our multi-asset portfolios

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21 Oct 2019

Expanding horizons

• Over the last few years, institutional investors had to readjust their fixed income allocations to lower-for-longer interest rates

• The resulting hunt for yield has naturally led to an extension of their investment universe outside their historical comfort zone, notably through higher yielding credit segments like high-yield and emerging-market debt

• Diversifying allocations to non-domestic markets revealed profitable outcomes and significantly improved their risk / return profiles

• Going one step further, less liquid and more complex asset classes – e.g. private debt, infrastructure debt, and structured credit – are also being progressively considered to help institutional investors with their liability matching challenge

• Despite this trend, recent surveys show that the majority of their assets remain allocated to domestic markets, primarily because of local regulations but also because integrating new segments, strategies and asset classes can prove challenging in practice

• Extending investment universes outside domestic markets that remain difficult to analyse and price requires extensive research, strong investment, governance and analytical resources to add value

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27 Sep 2019

House Views - Riding the storm

• All year analysts have fretted – wrongly, in our view – over an imminent recession and investment returns have been strong across the board so far

• Nevertheless, the fundamental outlook remains tricky with political uncertainty imposing an economic cost

• As we move into Q4 we are still in the "political-economy cycle" that has characterised much of the year. We need to continue to ride the "storm" of uncertainties

• Our valuation work continues to suggest a pro-risk stance in multi-asset portfolios. However, given downside risks to global growth, we should be careful not to over extend the risk positioning

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