I have invested in mutual funds through HSBC Bank. Not only did they unwisely invest in non-performing funds they also did not bother to switch to other funds after I drew their attention. When you invest through HSBC there is no other way to approach the bank except through so-called relationship managers. In two years, four relationship managers who were handling my account changed. Instead of the bank keeping track of my investments and providing service I ended up keeping track of my funds as well as finding out who my existing relationship manager was. HSBC's standards of service are so poor and their customer care helpline is the best example. They take 15 to 20 minutes of your time to verify the caller's details and then simply say they dont have the numbers of names of the relationship managers handling your account. The standard reply in case you go through the trouble of sending a complaint via email is that the email has been forwarded to the relationship manager concerned and a reply can be expected in 5 working days. When in two years my invested amount was reduced to half, I decided to dispose them so that I could redeem whatever was remaining, HSBC simply stopped showing interest. I gave my request for redemption for one mutual fund on January 11. I do not keep track of the stock market much but a casual check on internet showed that the marked was good and I could dispose off the fund without much loss. However, HSBC did not forward nor process my request till January 27. When I took up the issue strongly with the relationship manager, he passed the buck to a junior colleague who claimed to have put the fund for redemption on the same day when the stock market fell by 410 points for the first time in six months and the fund i was trying to dispose off went down even further. However, even after three days HSBC could not inform me at what NAV my fund was sold and what is the amount I would receive. So much for their online systems etc etc. Even today when I called the relationship manager he could not tell me the correct NAV nor could he say when the redeemed funds would be credited to my account. HSBC calls itself the world's local bank. It truely is cheap and very local. I am putting my experience so that other citizens do not fall not the trap or make the mistake of investing through HSBC. I can assure you, not only will you lose your money but it can prove to be a vexing headache if you want your money back.
Srinivas
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