Mashreq Capital Fund Launch A First For The DIFC

by Phillip Morton, Investors Offshore.com

28 November 2006

Mashreq Capital on Saturday announced the launch of a specialist emerging market debt fund, following approval from the Dubai Financial Services Authority (DFSA).

Known as the Emerging Market Credit Opportunities (EMCO) fund, it is the first specialist fixed income hedge fund at the DIFC and was developed entirely within the DFSA’s Collective Investment Law framework.

“The DIFC’s fund community continues to grow at a rapid pace, thanks to the DIFC’s unique position as a bespoke domicile for funds and asset managers. Mashreq Capital’s launch of MCF Series I is a positive step in the development of the region’s growing funds industry," noted Omar Bin Sulaiman, Governor of the DIFC.

According to Abdul Aziz Al Ghurair, CEO of Mashreq Bank,the Emerging Markets fund provides a "unique" investment vehicle for investors in the region.

"In addition to providing exposure to some of the fastest growing economies in the world, it will also take advantage of a stable global interest rate environment," he observed.

Abdul Kadir Hussain, Senior Executive Officer at Mashreq Capital, says that the new fund will invest in a range of fixed income assets from within the global emerging markets universe.

Mashreq Capital is also examining the launch of other funds under the MCF umbrella.

The new fund will be managed by Mr Hussain, who has over 13 years experience in managing global emerging market assets, and was formerly a Managing Director at Credit Suisse.

“Mashreq Capital was first licensed by the DFSA in March 2006 and has introduced state of the art trading and risk systems to ensure investors are provided with the highest quality investment products," Hussain explained.

"We look forward to increasing the number of domiciled funds at the DIFC in 2007," he added.

Recommended