News

Templeton’s Mobius bullish on Mena opportunities

Editor — Thu, 15 Sep 2011 09:51:26 +0000

Article Synopsis:

Templeton Emerging Markets Group executive chairman Mark Mobius has revealed plans to increase the firm’s presence in the Mena region, Mena FM can reveal

Templeton Emerging Markets Group executive chairman Mark Mobius has revealed plans to increase the firm’s presence in the Mena region. In an interview with Mena FM, Mobius added that he is particularly bullish on Egypt and in the consumer and commodities sectors.

“We are looking at two main areas; one the consumer area, and the other is commodities”, he said. “If we look at the situation in the Middle East, the consumer areas are most interesting so we’re going to be looking at that more and more.”

Sarasin-Alpen kick starts Oman’s Islamic fund market

Editor — Wed, 14 Sep 2011 16:09:04 +0000

Article Synopsis:

Sarasin-Alpen Oman has won a licence to offer Islamic products, including asset management, as the country’s fund managers prepare their own Islamic offerings

Sarasin-Alpen Oman has won a licence to offer Islamic products, including asset management, as the country’s fund managers prepare their own Islamic offerings.

Abraaj Capital inherits fund through Amundi deal

Editor — Tue, 13 Sep 2011 08:58:55 +0000

Article Synopsis:

Abraaj Capital has taken over the management of the $161m SGAM Al Kantara Fund, through its acquisition of North Africa private equity platform Amundi

Abraaj Capital has taken over the management of the $161m SGAM Al Kantara Fund, through its acquisition of North Africa private equity platform Amundi. Abraaj acquires Amundi’s stake in the fund, as well as an 11-member investment team and offices in Morocco and Tunisia. There are also plans to develop a new office in Algeria.

Naeem and NKB launch Egypt products

Editor — Mon, 12 Sep 2011 13:12:25 +0000

Article Synopsis:

Two new funds entered the Egyptian market in August, despite ongoing market volatility

Two new funds entered the Egyptian market in August, despite ongoing market volatility. Naeem Financial Investments’ Naeem Misr Fund will focus on Shariah-compliant Egyptian stocks, while NKB Capital Asset Management’s Al Watany Bank of Egypt Fixed Income Fund (Namaa) will invest in medium and long-term fixed income instruments.

European PF searches for frontier manager

Editor — Mon, 12 Sep 2011 12:47:35 +0000

Article Synopsis:

A European pension fund is searching for an asset management firm to oversee an $80m frontier market government debt mandate, Mena FM has learned.

A European pension fund is searching for an asset management firm to oversee an $80m frontier market government debt mandate, Mena FM has learned.

The chosen fund manager must have a minimum AUM of $500m, according to search facility IPE Quest. Other specifications include a preferred track record of three years and a maximum tracking error of 3%, according to information in the search brief.

HSBC Saudi rolls out commodity fund

Editor — Fri, 09 Sep 2011 16:53:56 +0000

Article Synopsis:

HSBC Saudi Arabia is preparing to launch a Shariah-compliant commodity fund, Mena FM can reveal

HSBC Saudi Arabia is preparing to launch a Shariah-compliant commodity fund, Mena FM can reveal. The HSBC Amanah Commodity Index Fund has an official launch date of 17 September and will target a passive investment strategy with a focus on retail, premier and private client segments.

“We are trying to offer new products in a form that is not present in the market,” HSBC Saudi’s managing director and head of investments, Osamah Shaker, told Mena FM. “What we’re offering is a commodity fund that invests directly in a commodity index.”

Silk Invest wins OFI ‘BRICA’ mandate

Editor — Thu, 08 Sep 2011 16:03:07 +0000

Article Synopsis:

OFI Asset Management has hired Silk Invest to manage a portfolio of Arab and African equities as part of its existing Multi Select BRIC Fund

OFI Asset Management has hired Silk Invest to manage a portfolio of Arab and African equities as part of its existing Multi Select BRIC Fund. The fund will now be rebranded to become a BRICA fund, with Silk Invest managing the ‘A’ segment.

The initial value of the mandate has not been revealed, but Silk Invest CIO Daniel Broby confirmed that it is “not less than $10m”.

“The investment strategy is bottom-up stock picking focused on the componentsthat are going to benefit from the industrialisation of the African markets,” Broby told Mena FM.

Charlemagne replaces Magna MENA Fund manager

Editor — Thu, 08 Sep 2011 09:03:56 +0000

Article Synopsis:

Charlemagne Capital has appointed Sharat Dua as lead portfolio manager of its Magna MENA Fund, replacing Mark Krombas

Charlemagne Capital has appointed Sharat Dua as lead portfolio manager of its Magna MENA Fund, replacing the fund’s previous manager Mark Krombas.

There is no official explanation for Krombas’ departure, but John Dawe, head of investment communications at Charlemagne told Mena FM that “it was clear Krombas did not fit in with the rest of the company.”

Dua now works as the lead manager on both the Africa and Mena funds at the company. He has always and continues to cover companies within the fund, added Dawe.

TNI winds down real estate fund

Editor — Wed, 07 Sep 2011 10:41:24 +0000

Article Synopsis:

The fund is set to close with AUM of $8m due to lack of demand in the real estate sector, with no visibility for returns at present

The National Investor’s TNI MENA Real Estate Active Fund is winding down, Mena FM has learned. The fund is set to close with AUM of $8m due to lack of demand in the real estate sector, with no visibility for returns at present.

“In general the real estate sector is not in favour anymore,” Sani Tsuruta, TNI’s sales and client relations manager told Mena FM. “We don’t see any return on the fund. It has been the case for the last three years.”

Middle Eastern hedge funds contribute to new EM record

Editor — Fri, 26 Aug 2011 17:32:56 +0000

Article Synopsis:

Assets invested in emerging market hedge funds are worth $123bn, with Middle East-based hedge funds showing cautious gains, according to Hedge Fund Research (HFR)

Assets invested in emerging market hedge funds are worth $123bn, with Middle East-based hedge funds showing cautious gains, according to Hedge Fund Research (HFR).

Despite the current unsettled economic climate, total capital invested in emerging market-focused hedge funds increased by $1.4bn during Q2, with new capital inflows of more than $300m and performance-based returns of $1.1bn. Approximately 1.39% of the total emerging markets AUM was invested into the Middle East.

Political unrest delays Qatar REIT

Editor — Wed, 24 Aug 2011 09:10:10 +0000

Article Synopsis:

Property fund manager ARA Asset Management has halted plans to list a Qatar REIT in Singapore, due to the unsettled political situation

Property fund manager ARA Asset Management has halted plans to list a Qatar REIT in Singapore, due to the unsettled political situation.

The Hong Kong-based firm had made plans to list a REIT with Qatari hotels and serviced residences worth approximately $1bn, but these will now remain on hold until the geopolitical issues in the Middle East and North Africa have stabilised.

Sukuk popularity bucks investment trend

Editor — Mon, 15 Aug 2011 08:09:09 +0000

Article Synopsis:

Experts are calling for an increase in the number of issuances in Mena’s growing sukuk industry to aid the region’s investment appeal

Experts are calling for an increase in the number of issuances in Mena’s growing sukuk industry to aid the region’s investment appeal.

“We want to see more sukuk offerings issued because the demand for them seems to remain strong notwithstanding the global economic situation,” Neil Miller, global head of Islamic finance for KPMG, told Mena FM. “What the industry really needs to see, though, is greater ‘Muslim world’ government support for sukuk. If this were to happen, it would act as a catalyst for further corporate issuance.”