PHOTO
Dubai’s largest lender Emirates NBD’s asset management arm has announced its first public fund in Dubai International Financial Centre (DIFC). The fund’s shares will be promoted through a public offering to onshore and retail investors.
The asset management division of the Dubai-listed lender said investors will receive access to an umbrella fund named FundStar (OEIC) PLC that will host feeder funds and master funds.
The feeder funds and master funds will be across a broad range of asset classes and geographies, including equity and fixed income, as well as multi-asset strategies in both conventional and Shariah-compliant forms, the bank said.
FundStar’s public offering will be in line with an existing MOU between the Securities and Commodities Authority (SCA), the Financial Services Regulatory Authority (FSRA) and the DFSA.
Feeder sub-funds will allow retail investors with the opportunity to access foreign funds domiciled in jurisdictions including Luxembourg.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
