Dubai To Seed Five Shariah Hedge Funds

Jun 19 2008 | 12:03pm ET

The Dubai government is backing five new Shariah-compliant hedge funds, alongside Barclays Capital.

Each of the five funds, set to launch in the next two weeks, will get $50 million in seed capital from the Dubai Multi Commodities Centre Authority. All five funds will use the Al Safi Trust platform and Shariah Capital as adviser, with Barclays Capital serving as prime broker.

The five firms rolling out hedge funds following Islamic law are BlackRock Inc., Lucas Capital Management, Ospraie Management, Tocqueville Asset Management and Zweig-DiMenna International Managers.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…