Gulfnews.com
2 Apr 2008
Dubai: Fullerton Fund Management Company (Fullerton), a fully-owned subsidiary of Singapore's Temasek Holding, on Tuesday announced the launch of a $160 million Mena Asia Fund in association with EFG-Hermes Asset Management.
Gerard Lee, CEO of Fullerton, said: "The new fund aims to provide Japanese retail investors and Asian private banking clients an opportunity to participate in the fast rising economies of the Middle East, with an emphasis on the growing economic synergy between the Middle East and Asia. A partnership like this allows both Fullerton and EFG-Hermes to leverage on our combined years of experience and knowledge of the local markets in Asia and the Middle East."
Although the fund will focus on specific investor groups in Japan and other parts of Asia, Fullerton and EFG-Hermes hope that in the future similar funds based on Middle East equities will find place in the institutional and individual portfolios from around the world.
"Both EFG-Hermes and Fullerton have been innovators within their respective regions with long and successful track records.
This initiative will allow clients to benefit from this alliance as they diversify their investments into the Mena region, with EFG-Hermes' local investment experience and leveraging on Fullerton's network in Asia," said Hashem Montasser, managing director and head of EFG-Hermes Asset Management.
In Japan, the new fund is offered through a domestic fund offering by Mizuho Asset Management and distributed by Monex.
The fund expects to place $100 million with high net worth Japanese investors while more than $60 million is expected to be placed with Asian private banks
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