A global equity fund that complies with Shariah has been launched by J O Hambro Capital Management (JOHCM). Fund for Global Select Shariah.
The goal of the Global Select Shariah fund is to offer long-term total returns to investors by investing in global securities that adhere to Shariah.
The companies that do not adhere to Shariah investing, such as those in the financial services, gaming, and defense industries, will be excluded.
The fund is a result of the institutional Global Shariah mandate of JOHCM, which has been run since December 2013. The asset manager has now chosen to provide external investors with the same opportunity.
To make sure the fund is completely Shariah compliant, JOHCMl assigned the strategy to a data screening provider and a Shariah adviser. The MSCI ACWI Islamic Index will serve as the standard.
The fund will be managed by senior fund manager Nudgem Richyal, who will use the same investing methodology for the €8.3 billion International Select and €1.8 billion Global Select strategies that he also co-manages.
Richyal began working as an investment manager for JOHCM in June 2008. He had previously worked for Hill Samuel and Baring Asset Management.
"We have seen significant interest from clients for a strategy like this and we’re excited about its potential," said TJ Voskamp, head of distribution (UK, Europe, and Asia).
Frederic Lejeune was appointed by JOHCM as its managing director and country head for Frabelux in May. (France, Belgium and Luxembourg).
The hiring is a part of the asset manager's push into the area, which also includes opening a new office and corporate entity in France.
By fLEXI tEAM