HSBC Global Asset Management has introduced a Middle East and North Africa (MENA) fund. The launch of MENA fund witnessed a one year delay as the initial launch was scheduled for October 2008 – reported The Financial Times Adviser.
The fund is managed by Andrea Nannini of Halbis, the active management arm of HSBC which also manages the New Frontiers fund. Nannini and team will target companies in the Middle East and North Africa with a market capitalization of more than $50m, reported CityWire.
The fund is expected to invest in equities in 11 countries throughout the region, including United Arab Emirates, Oman, Kuwait, Bahrain, Egypt, Jordan, Qatar, Lebanon, Morocco, and Tunisia. The fund can hold up to 10% of its portfolio in Saudi Arabia and will tend to have 50-60 positions.
The fund is expected to sit within HSBC’s Global Investment Funds Sicav, which is domiciled in Luxembourg and is available in more than 35 countries, reported MoneyMarketing.
