NCB Capital, the largest asset manager in Saudi Arabia, has decided to widen its investor base by launching a range of Dublin-domiciled Islamic mutual funds.
NCB Capital, which manages more than $12bn in assets, has launched two Ucits-compliant funds that invest in Saudi Arabian and Gulf Co-operation Council (GCC) equities, according to Reuters.
Further funds are due to be added to the range, including funds investing in sukuk, or Islamic bonds. Plans include launching up to ten funds in 18 months.
The new funds range is part of a strategy to attract emerging markets investors. NCB plans to market the funds globally through French asset manager Amundi.
“We are very keen on offering a gateway to the region. The hope is to have a broad investor base,” Faysal Badran, chief investment officer and head of asset management at NCB Capital, told Reuters.
Emerging Markets latest
Today on Investment Europe
Mark Phelps, head of Concentrated Global Growth at AB, will join InvestmentEurope's Pan-European Fund Selector Summit in Hamburg.
Richard Halle and Daniel White are set to take part in the InvestmentEurope Autumn Pan-European Fund Selector Summit, which takes place in Hamburg 15-17 October.