HSBC Amanah launches first Shariah compliant multi-manager fund
HSBC Amanah announced the launch of HSBC Amanah Investment Funds plc, an open-ended investment company with variable capital. The company comprises of three regional Funds: the Americas Equity Fund, the Pan-European Equity Fund and the Asia-Pacific Equity Fund, brought to the market by HSBC Amanah in conjunction with the Multimanager team of HSBC Investments.
The Multimanager team adopts a robust manager selection process, whereby ‘best-in-class’ investment advisers are selected for each portfolio, and performance is monitored to ensure consistency of returns over time. This means that the managers will be replaced, should they fail to achieve consistently high returns compared to their peer group. “The concept of a manager of managers has been well received by investors,” says Navid Goraya, Managing Director, Global Head Wealth Management Group, HSBC Amanah.
“Multimanager is a dynamic and fast growing asset class, growing at a rate of 14% per annum1.. Diversification reduces risk and offers investors the chance to benefit from a wide spectrum of expertise and investment styles across geographical markets. HSBC Amanah has developed this product, which is the first of its kind, to meet investors’ increasing demand for an Islamic Multimanager fund.”
HSBC Amanah provides advice to the Funds through its highly reputable HSBC Amanah Shariah Supervisory Committee, to ensure that the Funds are compliant with Islamic law.
Investments made into the HSBC Amanah Investment Funds will be divided equally between the three geographies giving customers a balanced exposure to all three regions. However, should an investor have a stronger view in favour of one region over another, they have the added flexibility of having a custom-made regional allocation between the Funds. The Directors of the Fund currently intend to distribute at least 85 per cent of the Fund’s net investment income return on an annual basis.
“The HSBC Amanah Investment Funds provide a unique investment opportunity for high net-worth individuals and institutions looking for a regionally balanced Shariah compliant Multimanager product. Not only do investors benefit from the Multimanager feature, but they can choose to have a tailor-made portfolio,” said adds Navid Goraya. , Managing Director, Head of HSBC Amanah Wealth Management Group.
The Funds are available from HSBC Bank Middle East Limited regional network, the Saudi British Bank, HSBC Private Bank (Suisse) SA and HSBC Investments (UK) Limited.
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