Jun 26 2011 |
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Samba launches Saudi Equity fund
By John Foster Saudi Arabia's Sambacapital brought a new Shari'ah compliant equity fund to market last week, the Al-Ataa Saudi Equity Fund.The fund will be a Shari'ah-compliant, open-ended, Saudi riyal denominated equity fund that is benchmarked against the S&P Saudi Arabia Shariah (Saudi riyal) Index.
Sambacapital is the asset management division of Riyadh-based Samba Financial Group .
The fund will charge an annual management fee of 1.75%, with redemption fees of 1.5% for first year, 1% for second year, 0.5% for third year and none thereafter.
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