HSBC Bank is amalgamating its two unit trust ranges to create a £5bn (€8.3bn) open ended investment company (oeic), one of the largest in the UK.

With the assistant of Stephenson Harwood, a London-based law firm, HSBC has taken 30 unit trusts belonging to HSBC Asset Management and Midland Bank, now part of the HSBC group, and turned them into three oeics with 23 subfunds.