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HSBC Mutual defies slump with debut

Mumbai, Nov. 14: At a time when foreign mutual funds like Alliance and Zurich are considering an exit from India, HSBC Mutual Fund today announced its debut here.

HSBC Mutual Fund launched four schemes at one go and said more are on the anvil.

The four new schemes are HSBC Equity Fund, HSBC Income Fund, HSBC Cash Fund and HSBC Institutional Income Fund.

The initial public offer (IPO) for the four products opens today and closes on December 3 and investors would be allotted units at Rs 10 each.

Meanwhile, HSBC said today it had agreed to buy US consumer finance giant Household International for $ 14.2 billion in shares, significantly boosting its presence in North America.

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