Wednesday, 6 May 2015
Last updated 14 hours ago
Mar 22 2007 | 1:10pm ET
Old Mutual Asset Managers is to add a Shariah-compliant hedge fund to its lineup next month, it said today. The Old Mutual Al Saqr Fund, Cayman Islands-domiciled vehicle, will launch with a minimum of US$25 million.
The fund will be an equity market-neutral fund, managed by the same team that runs the firm’s $2 billion global equity market-neutral and long/short equity strategies. It will hold between 200 and 300 Shariah-compliant liquid names in developed markets.
“We believe that there is significant and growing demand for funds which meet the specific religious and investment requirements of the Islamic community,” Eoin Murray, OMAM chief investment officer, said. “The Old Mutual Al Saqr Fund has been designed in conjunction with a leading Islamic financial consultant and is fully compliant with Shariah principles.”
The new fund has a minimum investment requirement of US$100,000. Its prime broker is Fimat and the Shariah adviser is Ratings Intelligence.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…