Sedco Capital, a Saudi Arabia based asset manager, has unveiled a new Islamic fund to beef up its asset management capabilities.
Managed by its own in-house team, the Luxembourg domiciled Gulf equities fund marks as Sedco’s 14th fund and has an initial $30 million in assets, reported Reuters.
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The fund launch comes as part of Sedco’s strategy to seek two-thirds of its assets under management from outside Saudi Arabia in four to five years.
In 2013, Sedco has launched an Islamic fixed income fund with an initial $100 million alongside an Islamic global equity fund with $150 million, both selecting Credit Suisse as investment manager.
Sedco Capital marks as the first Gulf-based Islamic asset manager to sign the United Nations’ Principles for Responsible Investment (UN PRI).
In addition, Sedco is seeking for a crossover opportunity between ethical and sharia-compliant investing to expand its presence to both investors.
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By GlobalDataYazan Abdeen, lead fund manager at Sedco, said:"With more and more people looking at MENA and with interest in sharia investment growing all the time, we expect this fund’s value to reach $100 million in the short term."
