Global commercial property funds continue to show too strong a bias towards the UK sector.

That is according to the newly-appointed multi-manager chief at HSBC, Guy Morrell, who claimed that the relative weakness of the UK market has prompted the bank to diversify its investments.

Commenting on the bank's latest Open Global Property Fund, he stated: "The reason we launched the fund was because we did not like the UK commercial property market.

He added, speaking to the FT Advisor: "We are relatively cautious on Continental Europe but we do have some exposure there because it does not have as far to fall as the UK."

However, such trepidation comes as commercial property in regional cities across the UK is starting to show some signs of recovery.

New figures released as part of the Regional Office Investment report from property consultancy firm CB Richard Ellis show that cities such as Manchester and Birmingham are less reliant on capital growth and are therefore performing better than the London market.