National Bank of Abu Dhabi (NBAD)on 9 February launched its Global Growth fund. The open-ended fund, which is targeting around $5 million in the initial stages, will source money from the UAE, the Gulf and international investors.
The minimum subscription for the fund is $5,000, allowing it to be taken up by individual and institutional investors wishing to invest in US and European equities and markets. NBAD expects the retail/corporate split to be 25:75.
The Global Growth fund follows the success of NBAD's UAE Growth fund, which was launched on 30 October 2000. The fund, which has a mandate to invest up to 25 per cent of its resources in GCC equities, had risen by 26.4 per cent by 30 January this year.
Both vehicles form part of a family of mutual funds that NBAD plans to launch. Others include a high-income fund designed to produce returns in excess of normal money market rates by exploiting opportunities in the various traded markets, and a guaranteed investment fund designed to produce capital appreciation over a period of time from arbitrage situations.
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