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Abu Dhabi: Abu Dhabi Investment House (ADIH) on Thursday announced the launch of two new open-ended funds, one Sharia-compliant and the other for structured investment products, through its office in Switzerland.
The ADIH Islamic Helvetic Fund is intended for investments in global Islamic equities, for a minimal subscription of $100,000, while the ADIH Helvetic Fund will invest in high-income structured investment products offering US dollar and euro classes of shares with weekly liquidity for a minimal subscription of $100,000 or 100,000 euros.
"The initial offering for the two funds extends from June 2 to July 31, 2008, and we expect the Islamic fund to attract at least $150 million, and the structured investments fund to raise $50 million," said Dominique Wagner, the general manager of ADIH's Swiss office.
"We are targeting high net-worth individuals and institutional investors who seek new and innovative investment strategies."
Pictet & Cie have been appointed as administrators and custodians for the new funds.
"The Islamic fund will be based on a multi-management approach to gradually allocate its assets between contemporary investment strategies, combining sector and geographic allocation as well as fundamental and quantitative methods supporting diversity and risk management," Rashad Yousef Janahi, ADIH's managing director, said explaining that the launch is synchronised with the robust growth rates of the emerging markets and the expected recovery of the global equity markets during the second half of 2008.
"The optimised structured fund's strategy aims at capital preservation while offering an appealing alternative to conventional asset classes with net annual return objectives of 10 per cent and a volatility factor of 5 per cent," Janahi said.
Asset classes for the structured fund include barrier reverse convertibles, equity yield notes, and callable return notes, as opposed to classical classes such as fixed income and money market investments.
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