07 July 2004

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Hsbc Malta Funds Sicav P.L.C. holds Annual General Meeting

HSBC Malta Funds SICAV p.l.c. held its 7th Annual General Meeting, on 2 July 2004. During the meeting, members approved the Annual Report and Audited Financial Statements for the year ended 31 March 2004. Prof. Edward Scicluna was re-appointed Chairman while Mr Joseph D. Camilleri and Notary Clyde La Rosa were re-appointed directors.
Mr Joseph D Camilleri, Managing Director of HSBC Fund Management (Malta) Limited, gave a brief overview of recent developments in the local and international bond markets and responded to a number of questions raised by the investors present.
Mr Kristian Cassar, Investments Manager at HSBC Fund Management (Malta) Limited then gave investors present a detailed explanation on the very satisfactory performance of the Malta Bond Fund and the International Bond Fund over the past year.
Mr Cassar also gave investors HSBC’s views on how the markets are expected to perform in the months ahead. He explained that the international bond markets are already anticipating higher interest rates. While there is a possibility of some further weakness in bond markets in the coming year, the fund managers have adopted a more defensive stance in order to mitigate any negative impact of a possible decline in bond prices.
The meeting also re-appointed KPMG as auditors.

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Editor: Saviour Balzan
The Malta Financial & Business Times, Newsworks Ltd, Vjal ir-Rihan, San Gwann
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