MiFID 2: Partnering for 2018 and beyond - HSBC...April 2017 MiFID 2: Partnering for 2018 and beyond This presentation is intended for Professional Clients only and should not be distributed

April 2017

MiFID 2: Partnering for 2018 and beyond

This presentation is intended for Professional Clients only and should not be distributed to

or relied upon by Retail Clients. The information contained in this publication is not

intended as investment advice or recommendation. Non contractual document.

MIFID 2 highlights

2

Regulation is forcing change globallyBy 2018 approximately 80% of retail assets are likely to be covered by ‘new’ fiduciary expectations

Assets in Advanced-Regulated Markets (AUM, US$T)

33%

81%

67%

19%

2015 2018

Fiduciary Standard Suitability Standard

$34 $44

MiFID 2

DOL

Ban on Inducement

Retail Distribution Review (RDR)

Future of Financial Advice (FOFA)

Source: HSBC Global Asset Management and Casey Quick Analysis, 2016.

Commentary as at end of March 2017. The commentary and analysis presented in this document reflect the opinion of HSBC Global Asset Management on the new regulations, according to the information available to date. They do

not constitute any kind of commitment from HSBC Global Asset Management. Consequently, HSBC Global Asset Management will not be held responsible for any investment or disinvestment decision taken on the basis of the

commentary and/or analysis in this document. The content of this page is not intended as a solicitation, nor a recommendation for the purchase or sale of any financial instrument. For illustrative purposes only.

Regulators are converging on a new model for

financial advice:

– Greater transparency

– Focus on total costs

– High standards of suitability assessment

– Conflicts of interest

– Quality of advisers

Cerruli Associates forecasts RIA market share of

advised assets will grow from 23% to 28% by

2020 from 2015 in US

Margins for fee-based advisers are growing, as

they begin to manage the flow of value within the

chain & integrate more services beyond ‘sales’ into

their models

Expectations of providers to improve transparency

have put pressure on pricing, at a time when

competition for flows is high and points of

differentiation beyond ‘performance’ are re-defining

the landscape

3

MIFID 2: HighlightsNew rules for national regulators

MiFID2007

MiFID 2adopted

2014

MiFID 2Implemented

January 3rd

2018

MIFID 2 is an advance on the

earlier MIFID of 2007,

strengthening in key areas

and focused on enhancing

customer outcomes while

increasing transparency

across the value chain

MIFID 2 will deliver

significant changes to

activities and relationships

between the sell-side and

the buy-side ‘upstream,’

including bundled

research, trade reporting,

conflicts of interest etc

Source: HSBC Global Asset Management. As at end of March 2017. The commentary and analysis presented in this document reflect the opinion of HSBC Global Asset Management on the new regulations, according to the

information available to date. They do not constitute any kind of commitment from HSBC Global Asset Management. Consequently, HSBC Global Asset Management will not be held responsible for any investment or disinvestment

decision taken on the basis of the commentary and/or analysis in this document. The content of this page is not intended as a solicitation, nor a recommendation for the purchase or sale of any financial instrument. For illustrative

purposes only.

For full details refer to MiFID 2 Section 2, Chapter II, articles 24 and 25

MiFID 2 will create new rules for national

regulators to implement in 5 areas that will

transform the distribution of investment funds

‘downstream’

1)Competence of advisers

2)Complexity of products for different

customer groups

3)Payment of ‘inducements’ to distributors by

product providers

4)Transparency of costs and services

5)Suitability of advice and products

National differences are likely to remain in how

changes are implemented in a number of areas

given the different structures of the retail markets

in different member states, BUT the high level

principles will be non-negotiable

4

MiFID 2 impacts specifically in five areas for distributors The outputs will likely challenge current business models

ESMA is designing

common minimum

standards for

qualifications and

experience that will

be required of all

advisers

These standards are

currently ‘in

consultation,’ but

some firms are

already examining

thousands of staff

e.g. Bankia Spain, La

Caixa and BBVA

Competence

Source: HSBC Global Asset Management. As at end of March 2017. The commentary and analysis presented in this document reflect the opinion of HSBC Global Asset Management on the regulation, according to the information

available to date. They do not constitute any kind of commitment from HSBC Global Asset Management. Consequently, HSBC Global Asset Management will not be held responsible for any investment or disinvestment decision taken

on the basis of the commentary and/or analysis in this document. The content of this page is not intended as a solicitation, nor a recommendation for the purchase or sale of any financial instrument. For illustrative purposes only.

Ban on commissions

/ rebate payments

or ‘material’

non-monetary

benefits to

independent

advisers or portfolio

managers

Non-independent

advisers may receive

inducements subject

to rules on conflicts

of interest and not

compromising the

customer

Inducements

Disclosure of

aggregated costs

and charges and

the costs of advice,

must be made:

–To all clients

–At the point of

investment

–At least once a year

A detailed itemisation

must also be made

available

Transparency

On top of AIFMD,

new definitions of

‘Complex’ and

‘Non-Complex’

products are

proposed

Product features that

might make

something “complex”

will push products

into that definition

(derivative usage is a

key question)

Complexity

Significant

strengthening of

standards around

the

appropriateness of

advice and product

recommendations– Ongoing suitability after

sale

– Extension of governance

responsibilities of product

providers in targeting of

new products AND

ongoing suitability

A new regime for

‘automated advice’

is also in

consultation

Suitability

5

Potential financial impact of the five outputs




Costs of maintaining

a large sales team

likely to increase

‘Cost of delay’ for

new staff to come on

stream

Viability of in-branch

‘information’

providers reduced

NB - remuneration

requirements’ impact

on sales incentives

and may reduce

volumes

Competence

Current revenues to

be sustained for

‘non-independent’

advice clients

Introduction of new

fee-based approaches

for ‘independent’

advice clients and

discretionary

management services-

AND potential cost of

migrating these clients

from rebate share

classes

Non-monetary benefits

will reduce- is there a

cost impact?

Inducements

Costs of complying

with new Disclosure

regime

Emergence of

price-based

competition will put

pressure on fees

and services over

time

Should firms build for

a 2020’s business

model where rebates

cease to be viable?

Transparency

Low impact if complex

products are non-core

Complexity

Costs of product

governance to

increase under

‘Target Market’

exchange with

providers

Appropriateness

regime will affect non-

advised models

Risks attached to

‘negative target

market’ clients may

reduce range of

services to be offered

Suitability

6

The impact of MiFID 2 on the future of European fund distributionOur expectations




Most distributors will likely adopt ‘non-

independent’ status as their primary business

model

– They may, however, look to retain some ‘independent’

and/or discretionary management services for HNW and

legacy clients

Independent or non independent?01

Distributors may look to reduce the number of

providers and associated funds they work with

for new business

– This would enable distributors to ease the costs and

risks around product governance

– Transparency for CIPs is advantageous

Impact on providers02

There will likely be a significant shift towards

lower cost funds, with passive gaining share

– Distributors may prefer index funds over ETFs

Passive to gain03

Independents and DMS will likely move to

‘clean shares’ for all new business and press

for conversion on existing holdings

Their value proposition: ‘managed choice ’ with

high contact/personal service

However, implies higher total costs for clients (but

more revenue for distributors in UK example!)

Independents and

Discretionary Management Services (DMS)04

7

The impact of MiFID 2 on the future of European fund distributionOur expectations




Vertically integrated models allow for

transparency

Revenue sharing could encourage the use of own

brand funds (manufacturing outsourced to preferred

suppliers on special terms)

Passive included (“Sub-advisory / white-label”)

Vertical models05

Mass market customers will likely feed into

lite-touch (‘robo’) advice models

Simple products (multi-asset or index) on a ‘non-

independent’ basis only

Mass market retail06

All costs in the value chain will come under

scrutiny putting pressure on ‘excessive’

administrative fees, while potentially

encouraging growth in platforms

Value chain07

8

‘Sharing’

of value

Key provider

selection

Advantage to

experienced

providers

Largest distributors are likely to focus on fewer & deeper relationships with

manufacturers (Preferred Partnerships) offering business benefits beyond ‘just’ funds.

Commoditised ‘fund suppliers’ for case by case needs

Brand, scale, ability to bespoke, broad range of quality products, regulatory and

technical support, innovation, global reach, service culture and commercial flexibility

Providers that can service multi-dimensional distributors should have an advantage in

managing the scale and variety of service, support and communication needs of the

largest distributors

v

Non contractual document

The impact of MiFID 2 on Distributor: Provider relations

Vertically

integrated

distributors

Necessity for manufacturers who provide complementary investment capabilities &

ability to bespoke to complement their core operating model

New solution

providers

Potential to support or build new solutions for a low-cost, transparent world could

become significant (eg in the potential advice gap and robo-advice for mass market

customers)




v

The effects of distribution without rebates

10

Lessons from the UK’s RDR

Effective from 1st January 2013

Intended to improve consumer

outcomes with greater clarity and

higher standards of advice

Banned product commission &

bundled charges

New, higher, standards of adviser

qualification

Applies to all retail packaged

products, including ETF’s

Fee based advice becomes

standard practice

Subsequent Distribution trends

50% of adviser assets are held via

platforms, with 70.8% of new advisory

business being made via platforms in

20151

Platforms confirm by 2016 up to 80% of

new business is feeding into model

portfolios (source Defaqto Oct 2016)

Evolution of new more ‘vertically

integrated’ national advice firms, with a

dedicated investment proposition

Client segmentation adopted to

differentiate offering for separate client

groups, with FCA encouragement

Growth in Passive and Centralised

Investment Propositions

Tracker funds saw net retail sales

increased by 81% (£48bn) and their

overall share of industry funds under

management has grown from 9% to

12.3%*

Development of ‘exclusive’ branded

funds, often sub-advised, including

multi-asset and single asset class

products

1. Platforum Adviser Guide 2016.

2. Fundscape’s Q3 2015 Platform Report (www.fundscape.co.uk), as of November 2015.

3. HSBC Global Asset Management, as at end March 2016.

4. ETFGI study, as at end December 2015.

5. Broadridge FundFile, as at end January 2016.

(*) Source: The Investment Association, www.theinvestmentassociation.org, Press release as of April 2016, using End of 2015 figures.

Tracker funds are also sometimes called index (tracker) funds or passive managed funds

Source: HSBC Global Asset Management. The commentary and analysis presented in this document reflect the opinion of HSBC Global Asset Management on the regulation, according to the information available to date. They do not

constitute any kind of commitment from HSBC Global Asset Management. Consequently, HSBC Global Asset Management will not be held responsible for any investment or disinvestment decision taken on the basis of the


11

Financial implications for Wealth and Asset Managers on the value chainPre and Post RDR model in the UK Equity Fund (A Shares Class)




Non contractual document

Management Fee (AMG entities: advisory fee and distribution fee)

Operating administrative and servicing expense (0.15 – 0.25%)

Pre RDR: Rebates platform fees

Post RDR: Platform fees

Financial advice

Total cost for the customer

Post RDR, the customer will pay separated fees to fund manager, the platform and/or to the advisor

* Some distributors mix service and advice in one fee model

0.75%0.15% 0.50 - 1.00% ≈ 1.95%

Customer

0.20 – 0.45%

Pressure on management fee through

negotiation

Increase the use of Passive

Fund

Pressures on the platforms (i.e to be competitive) and on the

advisors (justifying ongoing annual commission)

And/or*

Pre RDR model

Post RDR model: How the market works today

0.75% 0.50%

Fund

1.65%0.25%

Customer

0.15%

Management fees: 1.50%

1.50%

12

Example of a post-RDR model

https://www1.sjp.co.uk/~/media/Files/S/sjp-group/reports-and-presentations/2016/half-year-results-presentation-jul16.pdf

Funds under management

18% p.a. compound growth over the last 5 years and

17% p.a. over the last 10 years (at June 2016) Private Assets & Wealth Managers – Top 10

65,6

0

10

20

30

40

50

60

70

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016June

+25%+18%

-10%

+37%

+26%+6%

+22%

+27%

+17%

+13%

+12%

EURbn




St. James’s Place is a vertically integrated wealth management business

Adviser numbers post-RDR have increased from around 1,400 to over 3,300

Business model: 35 “proprietary funds” all sub-advised, with 24 single asset managers and 16

running sleeves in 6 multi-managed funds

‘Fees’ are deducted from client assets in 3 parts; Cost of Investment, Cost of Administration and

Cost of Advice, total cost exceeds 200bps

13

Trends in distribution suggest more Vertical Integration is likelyAre Distributors already behaving towards a post-MiFID 2 marketplace?

Source: Fund Buyer Focus Based on 5,000 fund selector interviews per year.

Average number of supplier used by fund selectors

Source: BroadridgeFundFile, as at August 2016. Data excludes money market funds and funds of funds.

67%

22%

23%

78%

0%

20%

40%

60%

80%

100%

2015 2016 YTD

Active Passive

Active vs Passive – share of net sales (%)

53%

57%

91%

9%

0%

20%

40%

60%

80%

100%

2015 2016 YTD

Proprietary Third-party

Proprietary vs third party – share of net sales (%)




Fund Selection Units (FSU) are compressing buy

lists to reduce costs and risks; as a business

decision

Global trends towards higher adoption of passive

seem to be feeding through into Europe

Own brand funds, notably multi-asset, have

dominated 2016 net sales- is this a sign of things to

come post-MiFID 2?

Anecdotal evidence of growth in sub-advisory

and white label arrangements

14

Fee distribution- will MiFID 2 change the value chain in Europe?

Current

model

Sub-advised

(active)

Sub-advised

(passive)

White-label

(passive)Fee-based

Disclosed Fund

AMC1.50 1.50 0.75 0.75 0.75 (unbundled)

“Cost of Advice” 0.50 0.50 0.25 0.25 (negotiable) 1.00 (CAR1)

“Cost of

admin/platform” ?0.25 0.25 0.25 0.25 0.25 (CAR1)

“Cost of

Investment”0.75 0.75 0.25 0.25 0.75

Sub-advisor/IM 0.75 0.25 0.10 0.25 0.75

Inv. Margin retained

in Distributor0 0.50 0.15 0 0

Distributor Gross

Revenue

(ex.admin)

0.50 1.00 0.40 0.25+ 1.00

1. CAR refers to Customer Agreed Remuneration.

Source: HSBC Global Asset Management. The commentary and analysis presented in this document reflect the opinion of HSBC Global Asset Management on the regulation, according to the information available to date. They do not

constitute any kind of commitment from HSBC Global Asset Management. Consequently, HSBC Global Asset Management will not be held responsible for any investment or disinvestment decision taken on the basis of the


15

Some early key decisions




Status: Independent, Non-Independent or Mixed Model?

Competence: How will competence be managed? What impact will this have on the adviser

base and ‘information providers’?

Client segmentation: Should client tiering/segmentation change, and how will this affect the

proposition for each group?

Vertical integration: Increase or decrease, what might be the preferred model for investment

sourcing?

Service: How will service delivery change? What is the role of platforms?

Passive: How will the trend to passive investing be absorbed? Index funds or ETFs, or maybe

sub-advisory? What is the role of trail fees for passive?

Technology: What is the role of digital after the introduction of MiFID 2?

Passive market and opportunity

17

Passive Market Overview and Trends in the UKHow long before European markets follow this path?

Chart source: FundFile: 31 July 2016, Overview key facts: The Investment Association Annual Survey, ‘Asset Management in the UK 2015-2016’ and

1. Source: PWC publication: Asset Management 2020, A brave new world’

2. Source: The Investment Association Annual Survey, ‘Asset Management in the UK 2015-2016.

Total UK Market Passive AUM Growth

7,1%

12,5%

0%

2%

4%

6%

8%

10%

12%

14%

£0bn

£200bn

£400bn

£600bn

£800bn

£1 000bn

£1 200bn

2010 2011 2012 2013 2014 2015 2016 YTD

Passive Active % Passive

10y CAGR = 22%

UK: post RDR experiences a rise in passive products as fees become transparent.

→ MiFID 2 to yield similar results in Europe

“PWC predicts 22% of global AUM will be passive by 2020,

up from 11% of global AUM in 20121”

Fees




18

Passive funds will attract a growing share of assets across EuropeIf the example of post-RDR markets follows through

Passive - % growth to

date

Since Dec

2013

Since Dec

2012

Netherlands 193%

United K ingdom 71%

Active - % growth to

date

Since Dec

2013

Since Dec

2012

Netherlands 8%

United K ingdom 13%

Passive -YOY growth 2011 2012 2013 2014 2015 2016 YTD

Netherlands -16% 34% 20% 10% 103% 31%

United K ingdom 4% 40% 28% 17% 8% 6%

Active -YOY growth 2011 2012 2013 2014 2015 2016 YTD

Netherlands -9% 8% 1% 7% -5% 6%

United K ingdom -3% 20% 18% 3% -3% -4%

Passive AUM AUM - Dec

2010

AUM - Dec

2011

AUM - Dec

2012

AUM - Dec

2013

AUM - Dec

2014

AUM - Dec

2015

AUM - Sept

2016

Netherlands 2,661 2,235 2,988 3,587 3,944 7,991 10,497

United K ingdom 69,387 72,001 100,783 129,157 151,414 163,172 172,618

Active AUM AUM - Dec

2010

AUM - Dec

2011

AUM - Dec

2012

AUM - Dec

2013

AUM - Dec

2014

AUM - Dec

2015

AUM - Sept

2016

Netherlands 72,291 65,994 71,313 71,945 76,985 72,883 77,348

United K ingdom 910,143 880,163 1,052,157 1,241,963 1,277,604 1,240,606 1,193,238

Source: Broadridge. Data in USD, as of end of September 2016

. For illustrative purposes only.

HSBC Global Asset management

Partnership in passives

20

Key success factors for passive managers

Cost

The TERs of our pooled fund ranges must be in line with the leading market participants. Our aim is to match the pricing of our competitors,

particularly for products attracting the largest share of wallet

In order to build scale, we will consider aggressive pricing proposals for strategic partnerships

We will seek budget to subsidize administrative expenses for small funds

Scale

Scale is critical to ensure that clients perceive HSBC as a credible player in this space. Scale helps reduce fund operating costs to more

reasonable levels

Our aim is to build scale through the appropriate pooling of internal assets and through the pursuit of external client partnerships on

commercially favourable terms

Transition

services

We do not intend to create a separate transition management team. However, we will recognise the importance of a smooth transition

management and are looking to build a clear and robust transition proposition for new clients, potentially partnering with an external provider

We will also request budget to support the appropriate expenses related to client transitions to our funds

Fund range

We must have a comprehensive range of core strategies on the shelf in order to meet the expectations of clients. Specialised strategies will

complement our core offering and differentiate our passive capability as a whole

In terms of product, we currently have a strong ETF range and expect to have a comprehensive offering on the CCF by the end of 2017

For the new pooled fund platform, we propose to start with around 10 equity and FI funds, growing the range with regular product launches to

match client demand

Tax efficient

solutions

Tax impact is an important component of client cost considerations, as they can lead to significant under or outperformance in a passive fund

The CCF and Irish pooled fund ranges will ensure that we meet the needs of clients across locations and segments

Performance

Performance is a key driver for institutional client segments. The less sophisticated a client is, the less performance is a driver for investment

Our passive equity pooled overall score well in terms of both tracking difference and tracking error, with some exception like MSCI World and

MSCI EM, which are being addressed by the team

Due to the differences in construction of the different funds, funds with a dilution levy like the ETF and the CCF, will have a better

performance. Large AUM may eliminate this differential over time

Securities

lending

We can support securities lending for Institutional clients in segregated mandates or in the CCF

For retail-oriented opportunities, we will enhance our communication to show a clear apples-to-apples comparison of our proposal with

competitors who use securities lending in their funds




21

Partnership in passivesHSBC offers client solutions

Key features

passive

Passive funds are commoditised and easily comparable products

Cost , product features and diversity in exposures key differentiation factors

Scale is key for providers as they need to achieve economies of scale to be profitable

Market

Developments

Established passive managers at an advantage as they already have platforms and scale

Wealth managers are starting to include passive funds in their offering and pushing for price savings

versus active

Why partner –

wealth managers

Partnering up with a passive manager helps wealth manager

– to show their value add by developing an offering tailor made for their investor base, with best in class pricing

product features and unique exposures

– to participate in the revenue of the passive offering

Types of

partnership –

examples

Passive portfolio management and product structuring expertise only – for managers with existing

platform but no passive expertise

HSBC funds with separate share class and tailor made funds – for manager with no platform and

who wish to have bespoke offering and track AUM separately

HSBC tailor made funds, for managers with existing passive offering looking for bespoke

expertise

Regulatory

Environment

Changing regulatory environment in Europe after MiFID 2 and ban on inducements

Increased move to passive in countries that already ban inducements like the UK and Netherlands




22

Partnership in passivesHSBC offers client solutions

Experience• HSBC has been managing index funds since 1988 with proven capability to track established developed

and emerging market cap weighted benchmarks

Investment

Capability• Market cap, passive, smart beta and customised solutions for large partners

Innovation

HSBC has a proven track record in providing competitively priced market access solutions for single

country Emerging Markets, including complex to access markets

HSBC has also been active as an index sponsor for smart beta indices since 2012, launching

fundamental indices and also developing a range of highly efficient factors

We now manage in excess of US$ 4.2bn of institutional assets tracking our fundamental indices range

Platforms• A range of 4 platforms across 3 jurisdictions, tailored for local and cross-border wholesale and

institutional distribution

Dedicated and

Focused Team

The HSBC passive team manages $32.7bn globally using a tailor made system infrastructure.

They are supported by the portfolio engineering team of 16 individuals globally, focusing on the

construction of bespoke mandates and indices




Appendix

Examples of standard customer agreed

remuneration in the UK

25

CoFundsAdviser Fee Agreement form

Source: HSBC Global Asset Management and CoFunds. As at end of March 2017. For illustrative purposes only.

26

AscentricChanges to Adviser Charges Form

Source: HSBC Global Asset Management and Ascentric. As at end of March 2017. For illustrative purposes only.

27

FundsNetworkAdviser Fees Client authority form

Source: HSBC Global Asset Management and FundsNetwork. As at end of March 2017. For illustrative purposes only.

28

Important Information

This document is distributed by HSBC Global Asset Management (France) and is only intended for professional investors as defined by MiFID. The information contained herein is

subject to change without notice. All non-authorised reproduction or use of this commentary and analysis will be the responsibility of the user and will be likely to lead to legal

proceedings. This document has no contractual value and is not by any means intended as a solicitation, nor a recommendation for the purchase or sale of any financial instrument in

any jurisdiction in which such an offer is not lawful. The commentary and analysis presented in this document reflect the opinion of HSBC Global Asset Management on the markets,

according to the information available to date. They do not constitute any kind of commitment from HSBC Global Asset Management (France). Consequently, HSBC Global Asset

Management (France) will not be held responsible for any investment or disinvestment decision taken on the basis of the commentary and/or analysis in this document.

The material contained herein is for information only and does not constitute legal, tax or investment advice or a recommendation to any reader of this material to buy or sell

investments. You must not, therefore, rely on the content of this document when making any investment decisions.

This document is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. This

document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe to any investment.

Any views expressed were held at the time of preparation, reflected our understanding of the regulatory environment; and are subject to change without notice.

The value of investments and any income from them can go down as well as up and investors may not get back the amount originally invested. All data from HSBC Global Asset

Management unless otherwise specified. Any third party information has been obtained from sources we believe to be reliable, but which we have not independently verified. Past

performance is not a guide to future performance. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in established

markets.

Important information for Luxembourg investors: HSBC entities in Luxembourg are regulated and authorised by the Commission de Surveillance du Secteur Financier (CSSF).

Important information for Swiss investors: This document is intended exclusively towards qualified investors in the meaning of Art. 10 para 3, 3bis and 3ter of the Federal Collective

Investment Schemes Act (CISA).

HSBC Global Asset Management is the brand name for the asset management business of HSBC Group.

The above document has been produced by HSBC Global Asset Management (France) and has been approved for distribution/issue by the following entity:

HSBC Global Asset Management (France) - 421 345 489 RCS Nanterre. Portfolio management company authorised by the French regulatory authority AMF (no. GP99026) with

capital of 8.050.320 euros.

Postal address: 75419 Paris cedex 08, France. Offices: Immeuble Coeur Défense | Tour A, 110, esplanade du Général de Gaulle - 92400 Courbevoie - La Défense 4 (Website:

www.assetmanagement.hsbc.com/fr).

HSBC Global Asset Management (Switzerland) Limited

Gartenstrasse 26, P.O. Box, CH-8027 Zurich, Switzerland (Website: www.assetmanagement.hsbc.com/ch)

Copyright © 2017. HSBC Global Asset Management (France). All rights reserved.

Non contractual document, updated in April 2017 / AMFR_Ext_248_2017

Documents

MiFID 2: Partnering for 2018 and beyond - HSBC...April 2017 MiFID 2: Partnering for 2018 and beyond This presentation is intended for Professional Clients only and should not be distributed