Posted inHead To Head

HEAD-TO-HEAD: HSBC vs JP Morgan

FSA compares two Asian bond mutual funds from HSBC and JP Morgan.
by Fund Selector Asia
Manager Review

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Cecilia Chan is the nominal manager of HSBC fund but Gregory Suen is responsible for day-to-day management of the fund. He took over management of the fund in April 2011 and has 16 years of investment experience.

Before joining HSBC, Suen managed Asian and emerging markets credit portfolios at PCI Investment Management.

“His background is more credit related,” said Yew. “He has a very good grasp of individual credit names.”

In formulating the top-down view, including duration positioning and currency exposure, he relies on Gordon Rodrigues, head of Asian rates and currencies.

Suen is supported by a team of 12 researchers with 9.2 years of experience on average. While Yew expressed some concern with several departures from the team in 2012-15, all have been replaced.

Stephen Chang has managed the JPMorgan Total Return Bond Fund since its inception. Head of Asia fixed income at JPMorgan, he has 20 years of investment experience, 12 of which were at the firm.

“Chang is more focused on the top-down macroeconomic view,” said Yew. For help identifying credit opportunities he relies on Shaw Yann Ho, head of Asian credit.

Chang is supported by a team of seven, with an average of 14.3 years of experience, as well as a 10-person Shanghai-based team at China International Fund Management, a JP Morgan joint venture.

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