Thursday, 28 July 2016
Last updated 13 min ago
Jun 20 2007 | 8:48am ET
Shariah Capital, a U.S.-based advisory and consulting firm, and William D. Witter, a New York family office, recently formed a joint venture that will focus on Witter’s plans to offer Shariah-compliant investment funds to select investors.
Utilizing Shariah Capital’s screens and short-selling strategies, Witter plans to launch Shariah-compliant versions of its Penfield Partners Fund, a long/short equity hedge fund, and Witter Small Cap Growth Fund, a long-only mutual fund, sometime this summer, according to a source with knowledge of the situation. Witter also expects to launch a Shariah-compliant real estate fund focused on residential and commercial properties located in high-growth cities in the Western U.S.
“Increasingly, western investment firms recognize the growing demand for Shariah compliant products, particularly in the Middle East and Asia,” Eric Meyer, chairman and CEO of Shariah Capital, said. “These firms are moving ahead proactively, like Witter today, to access new markets by developing competitive alternatives to their already-successful investment strategies within parameters that accommodate Islamic investors.”
Michael Witter, Witter’s CEO, added, “As a family owned firm, we have a 30-year tradition of providing leading and personalized investment advisory services to high-net worth individuals and institutional clients. With Shariah compliant alternatives to our funds, we now can offer a new dimension of capabilities to our clients around the world.”
Witter was founded in 1977 and is currently headed by Michael Witter, Dean Witter’s grandson.