HSBC Moves 5% of Wealth Opportunities Fund Into Gold Miners

January 31, 2012, 8:19 PM EST

(Updates with HSBC comment in fourth paragraph.)

By Nicholas Larkin

"Jan. 31 (Bloomberg) -- HSBC Global Asset Management moved 5 percent of its Wealth Opportunities fund into gold miners as the bank bets on higher prices of both equities and the metal.

The shares were bought through a basket of miners, Charles Morris, who oversees about $2.2 billion in London, said today by phone, without specifying what the index was. The fund, which previously held no gold equities, still has 6 percent invested in physical bullion, he said."

Bloomberg Businessweek