The FFA Private Bank Group has just announced the listing on the Luxembourg Stock Exchange, of one of the first funds investing in obligations from the MENA region, "the FFA Fixed Income MENA Fund".
In an exclusive interview with the publication "Luxembourg for Finance", Jean Riachi, Chairman & CEO of FFA Private Bank, said:" There are currently few bond funds investing in the MENA region because of the lack of liquidity in the secondary market. The "FFA Fixed Income MENA Fund" invests in a diversified portfolio of bonds and sukuks across the region."
The "FFA Fixed Income Mena Fund" provides with a retail share class and an institutional share class. FFA Private Bank intends to offer the fund to its customers in the Middle East and the Gulf region, but eventually aims to sell it to institutional investors in Europe, America and Asia, which the listing on the Luxembourg stock exchange will facilitate.
"We chose to list the fund on the Luxembourg Stock Exchange, giving it both more visibility and an international status that we were looking for: the fund is available through the major clearing houses such as Clearstream and Euroclear, has an ISIN code and a stock exchange listing. Moreover, regulatory constraints related to the listing on the Luxembourg Stock Exchange give some credibility about the seriousness of the management. We had a choice between two or three other jurisdictions, but we thought Luxembourg was the best, "said Riachi.
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© Press Release 2010
