Source: Algebra Capital
Dubai, United Arab Emirates – Algebra Capital, a specialist asset management firm in the Middle East/North Africa region (MENA) today announced that it has been appointed as the sub-advisor to the Schroder International Selection Fund Middle East. Schroders, the $276bn global asset manager, has selected Algebra Capital for its team’s in-depth knowledge of investing in the region.
The open-ended fund was launched on September 3rd 2007 and will invest in Middle Eastern companies, including those operating in the emerging Mediterranean markets. The scope of the sub-advisory services being provided by Algebra Capital will cover the MSCI Arabian region, which includes the GCC, Jordan, Egypt and Morocco. The fund has $55m of assets under management currently* which is expected to grow to $1bn and will invest in equities of various industries across the region from real estate to banking, telecommunications, oil & gas and other growing sectors. With many undervalued stocks in Middle Eastern markets at present, carefully selected shares offer strong returns to international investors guided by local knowledge. The distribution of the fund has been initiated in Asia and will soon be available to investors globally.
Schroders views the investment as a significant long-term commitment to the region, and sees the potential for increased regional liquidity opening up more investment opportunities across the Middle East. “It is globally recognised that the Middle East is one of the dynamic forces in the emerging markets, with the potential for strong returns.” commented Allan Conway, Head of Emerging Markets, Schroder Investment Management Limited. “As one of the few leading international firms that have launched funds in the Middle East we are demonstrating our confidence in the region. We intend to utilize Algebra’s in-depth grass-root regional experience in equity investments to maximise potential returns for our investors.”
“Algebra was established to bring together the best of international standards with on the ground experience and knowledge of the Middle East, offering both regional and international investors a premium quality, regionally focused service,” commented Ziad Makkawi, CEO and Founder of Algebra Capital. “We are delighted to be appointed as the sub-advisor to Schroder International Selection Fund Middle East, it demonstrates the international confidence in both the region’s markets and Algebra’s ability to identify opportunities and open up these markets to international investors, which will further propel the ongoing growth of the regional economy.”
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