HSBC has launched a new freestyle equity fund to generate long-term capital growth through investments in equities of Shariah-compliant companies listed on the Saudi Stock Exchange.

The new fund, HSBC Amanah Saudi Freestyle Equity Fund, will not be constrained by weights of companies or sectors in the benchmark and will be invested in a concentrated portfolio of high conviction equity picks in the Saudi equity market, said a HSBC Saudi statement.

The freestyle concept allows the fund managers to manage the fund on an active basis and invest in companies that show a strong potential to outperform in the long-term, the bank added.

Osama Shaker, managing director and head of financial markets at HSBC Saudi Arabia, said the bank has a long track record of managing equities in the Kingdom.

'Given our strong track record in the Saudi equity market and our capabilities in stock selection, this new fund is based on HSBC Saudi Arabia's core strengths and offers investors a new approach to investing in Saudi equities,' he added.-TradeArabia News Service