If any of you are thinking about investing with HSBC - PMS, please don't. You will save yourself a lot of heartache. Not only is the choice of stocks bad, but the timing of buying and selling is completely indefensible. Horrible performance in spite of staying invested for over 2 years. OK because of market vagaries, one can excuse the performance. Of course they have the BEST Fund Manager who will naturally "outperform" the market. Which never happens.
But the services and the over charging? Providing completely wrong end of the year financial documents? Wrong Balance Sheets? Even the ones signed by their auditors? Horrible feedback and total opaqueness from their account executives, so called "Relationship Managers"? But wait... the worst is still to come.
I decided to stop the PMS and asked for the stocks back in my custody and control. It has now been 7 months since I stopped the PMS... they have given me custody... but I cannot buy or sell the shares!! There is always some document or other that has not been signed. Some permission letter not submitted. Or some Letter of Authority that still needs to be issued. I am FED UP! Mind you I have been a customer of HSBC for the last 26 years and a Premier customer for 25 of those years.
God help the new customers. Lalit Manaktala. New Delhi.
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