PRINT THIS PAGE Charlemagne launches first MENA fund29/05/2008. Source: AltAssets.
Specialist emerging markets group Charlemagne Capital plans to launch its first Middle East and North Africa fund, the Magna MENA Fund, next month. The new vehicle will invest in companies that have a significant presence in the Arabic-speaking world, targeting the Gulf countries, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE; and North Africa, including Algeria, Egypt, Morocco and Tunisia. It will also include Jordan and the Lebanon.
The fund will look to exploit market inefficiencies to generate excess returns independent from the broader market. The fund will be open-ended, and the firm is hoping it will follow the evolution of their Africa fund in terms of size, a source told AltAssets.
Gabor Sitanyi is the lead portfolio advisor. He will lead the team together with Sharat Dua.
Sitanyi said, 'The Gulf countries and North Africa offer safe, locally driven growth opportunities at reasonable valuations which the Magna MENA Fund will seek to capitalise on through our investment process. We have spent the last 12 months researching this space, meeting with a large number of companies and we see plenty of attractive opportunities across a range of sectors.'
Charlemagne is already investing in some of these markets through EMEA mandates and the firm's Magna Africa Fund.
The Magna MENA Fund will be daily dealing in line with the other Magna funds (other than Fridays) and will have euro, sterling and US dollar share classes.
Charlemagne was admitted to the AIM market of the London Stock Exchange on 4 April 2006.
Charlemagne's product range comprises mutual funds, hedge funds and institutional and specialist fund products, primarily covering GEMs, Eastern Europe, Latin America and Asia.
The firm employs various investment strategies including long-only, long/short, structured products and private equity.
Copyright © 2008 AltAssets
|
