Lehman’s Demise Delays Shariah Fund Launch

Sep 18 2008 | 11:45am ET

The collapse of Lehman Brothers has put on hold the launch of a new Shariah-compliant fund of hedge funds.

Amiri Capital has had to shelve plans to launch the Amiri Equity Alternative Strategies fund, for which it had lined up Lehman as prime broker, this summer. But the firm said it will “definitely go ahead” with the launch once a new prime broker is found, but gave no time frame for its debut, Thomson Investment Management News reports.

The Amiri fund’s system was developed in conjunction with Lehman, which had agreed to a system of “promise notes” to get around Islamic law’s ban on short selling.

Amiri said it is in talks with two or three possible prime brokers.

 


In Depth

Star Fund Managers Battered By Rocky Ride In Yields, Currencies

May 28 2015 | 6:05am ET

Some of the biggest names in the investment world have been whipsawed by the recent...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

When Less is More: The Case for Concentrated Equity Strategies

Jun 1 2015 | 7:59am ET

The conventional wisdom is that wide diversification is the “holy grail,” as...

 

Sponsored Content

Editor's Note