HSBC Malta funds total Lm112m

HSBC Malta Funds SICAV plc boasts total net assets of over Lm112 million (€261m), shareholders at its recent 10th annual general meeting were told.

The company currently comprises six funds, three of which were launched during the financial year ended March 31, 2007. It provides investors with funds investing in local and international equities and bonds, as well as in other sectors such as global real estate markets.

Charles Azzopardi, managing director of HSBC Fund Management (Malta) Limited, gave a brief overview of the main factors contributing to the performance of the funds in the last year.

Steven Tedesco, investments manager, then delivered a presentation on the performance of the funds. He discussed the convergence of euro interest rates with those in Maltese lira as well as the impact of a number of interest rate hikes by the Central Bank of Malta on bond fund performance during the period under review.

The shareholders approved the Annual Report and Audited Financial Statements for the year ended March 31, 2007 and re-appointed Edward Scicluna as chairman while Mr Azzopardi and Clyde La Rosa were re-appointed directors.

The shareholders also re-appointed KPMG as auditors.