HSBC Structured Funds SICAV plc holds second AGM

HSBC Structured Funds SICAV plc recently held its second annual general meeting, when the members approved the annual report and audited financial statements for the year ended July 31, 2003. Professor Edward Scicluna was re-appointed chairman and...

HSBC Structured Funds SICAV plc recently held its second annual general meeting, when the members approved the annual report and audited financial statements for the year ended July 31, 2003. Professor Edward Scicluna was re-appointed chairman and Joseph D. Camilleri and Notary Clyde La Rosa were reappointed directors.

HSBC Fund Management (Malta) Limited managing director Joseph D. Camilleri gave a brief overview of recent developments in the local and international markets, which have affected the three funds which make up HSBC's Structured Funds portfolio.

These are the FTSE 100 Fund, the SMI Index Growth Fund and the World Growth Fund. HSBC Fund Management's Kristian Cassar then gave a more detailed presentation on the performance of each individual fund to investors.

"During the past financial year up to end July 2003, HSBC's structured funds, particularly FTSE 100 Fund and the SMI Index Growth Fund, showed a much better return and performed well above the markets in which they are based, which actually declined in value over the period covered. This is a satisfactory result for all concerned and augurs well for future growth in what appears to be a more bullish market," Mr Camilleri said.

The meeting reappointed KPMG as auditors.

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