Swip is to launch a global Islamic fund by the end of the first quarter, pending FSA approval. The ...
Swip is to launch a global Islamic fund by the end of the first quarter, pending FSA approval.
The fund is to be managed by Tim Scholefield, head of international research and global sectors at Swip, who will work from a list of stocks screened by the Sharia Board, which sets eligible criteria for Islamic investments.
Andy Frepp, sales and marketing director at Swip, said the fund is likely to be launched as a Luxembourg-based Sicav but would be marketed at retail IFAs, paying standard levels of commission. If successful, the group would launch further Islamic funds.
He said there are 1.8 million Muslims in the UK, with a population growth of 6% a year and the projected growth rate of assets invested in Islamic products around the world is 15% a year.
There are few Islamic funds available to UK Muslims at present, with HSBC the main player in the market.
Meanwhile, Frepp said the group is also investigating ways to make its private equity offering available externally. Swip already manages £500m in private equity internally, but after delivering strong performance he expects there could be an external market for the products.
He said there are no plans to launch VCTs but the group is considering open- and closed-ended investment products.