HSBC GEM Fund subscription begins
Dubai, March 2, 2008
HSBC SA Ltd has begun receiving subscription applications for its new investment Shariah-compliant fund “HSBC Global Emerging Markets Fund”.
HSBC Global Emerging Markets Equity Fund (GEM) aims to provide long-term capital growth by investing in a diversified portfolio of Shariah-compliant equities with an official listing on a major stock exchange or other regulated markets of emerging market countries, as well as in equities of companies listed on other stock exchanges and regulated markets which carry out a substantial part of their economic activities in an emerging market country, said an official spokesman.
The fund will pursue its objective through active management of a portfolio of Shariah-compliant equities.
The fund’s investment universe will comprise more than 15 emerging market countries; typical emerging market countries include Brazil, Russia, China, Taiwan, South Korea, Mexico, India and South Africa with a possibility to invest in any geography falling within the scope of emerging markets depending on the emerging opportunities.
Subscription applications will be received during the initial launch period which extends to March 5, 2008, at a price of $10 per unit. Investment will be available to the company’s customers and other non-company investors.
The fund is open-ended and subscription applications will be accepted after the initial launch period. The actual fund investment date will be March 6, 2008. The fund units will be valued twice a week, and the date for reception of subscription and redemption applications will be before 12:00pm on Monday in respect of the valuation day of the next Tuesday, and before 12:00pm on Wednesday in respect of the next Thursday valuation. – TradeArabia News Service
More Finance & Capital Market Stories
- Emaar proposes 15pc cash dividends
- ABG units win top Islamic finance award
- Finance House approves 25pc cash dividends
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch