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
- Experts put spotlight on Mena tax issues
- BMI, Muharraq SC launch co-branded credit card
- NBAD partners with top business school
- Dubai non-oil trade surges 10pc to $272bn
- Iran president targets stagflation in first budget
- DFM accredits 2 firms for margin trading
- Kuwait inflation plunges to nine-year low
- DFM trading hit by technical fault
- GCC firms seek Egypt investment guarantee
- Qatar c.bank plans $1.1bn in bonds, sukuk