HSBC's FlexInvest

HSBC's FlexInvest

We refer to the letter regarding our product from Himawan D. Susastra, published in The Jakarta Post on Tuesday, Sept. 6 There appears to have been a misunderstanding of the product information published on the factsheet.

The yield stated in the fund factsheet is net of annual management and custodian fees. These fees are accrued daily and not charged to customers upfront. As per July 2005, the 1-month return of FlexInvest was 0.60 percent net or 7.20 percent net annualized, which was higher than the average 1-year time deposit of 6.72 percent net after tax.

Had Himawan called either HSBC or Manulife directly we would have been delighted to have clarified the pricing structure.

It is always our aim to ensure that our customers and prospective customers receive expert and clear product advice from HSBC. Himawan is welcome to contact us on (021) 526 9039.

Trust this explains the matter to the satisfaction of all concerned.

ICHSAN TOBING, Head of Marketing and Public Affairs, HSBC, Jakarta