HSBC Mutual Fund declared a maiden dividend of Rs 1 per unit (on a face value of Rs 10) under its HSBC Equity Fund on June 6, 2003. The record date for the same was 6 June 2003. The cum-dividend NAV on 6 June was Rs 12.09 per unit.

HSBC Equity Fund was launched in November 2002 as an open-ended equity scheme. The objective is to generate long term capital growth from an actively managed portfolio of equity and equity related securities.

HSBC Asset Management is the core global investment management business of the HSBC Group. With a network of investment teams worldwide, HSBC Asset Management has strong global investment capabilities that are delivered to clients locally. For institutions, corporates and financial intermediaries, a comprehensive range of investment management solutions are offered. For high net worth individuals, HSBC Asset Management works with the relationship managers of the individuals to provide bespoke portfolio management services.

HSBC Asset Management has funds under management of $138* billion (including $12bn managed by HSBC Trinkaus Capital Management which is affiliated to HSBC Asset Management) which are part of the total of $306 billion managed by the HSBC Group as a whole (as at 31st December 2002).

With its head office in Mumbai, HSBC Asset Management (India) Private Limited is part of the global asset management business of the HSBC Group, and is the investment manager to HSBC Mutual Fund.

The HSBC Mutual Fund, launched in November 2002, held client assets of Rs 1,352 crore (Rs 13.52 billion) as at 31 May 2003, across four schemes - HSBC Equity Fund, HSBC Income Fund, HSBC Cash Fund, and HSBC Institutional Income Fund.

With over 9,500 offices in 80 countries and territories and assets of $759 billion at 31st December 2002, the HSBC Group is one of the world's largest banking and financial services organisations.

Source: www.capitalmarket.com