The Sir Robert Ho Tung Charitable Fund's trustee wants court approval to delegate its power of investment to other financial specialists, including its subsidiary companies.
HSBC Trustee (Hong Kong) Ltd wants to be able to better administer the trust, which is now worth more than $451 million, the Court of First Instance heard.
The company, a subsidiary of HSBC Holdings, was appointed trustee of the charitable fund, set up with just $500,000 by tycoon Sir Robert Ho Tung before his death on April 26, 1956.
Barrister Geoffrey Ma, SC, for the trustee, said the scheme would allow 'timely and crucial' investments in stocks and shares by financial institutions with the necessary expertise. Mr Ma said the plan was necessary because of the growing size of the fund.
He is also seeking an order to allow the trustee to appoint any HSBC subsidiary company to manage the fund, arguing it would be otherwise unfair.
The trustee has been seeking, and acting on, investment advice from various fund managers, including its subsidiary HSBC Asset Management (Bahamas) Ltd, the court heard.
